Preliminary Tax in 1st year of trading

[Dowee]

Is there any difference to preliminary tax deadlines for individuals (self employed) and companies for payment of preliminary tax for the 1st year of trading? ie. if you started trading as a self employed individual on 31/08/04 do you have to pay preliminary tax on 31/10/04 or does a different date schedule apply?

Thanks

 

[ClubMan]

According to [broken link removed]:

There is no compulsion on a new business to pay Preliminary Tax in its first year in business.

However, business-owners should make provision for their income tax liability for that year, in order to avoid cashflow problems later on, when the tax becomes due for that year.

I heard somebody from Revenue on the radio recently mention this too. You might find more information among .

 

[Dowee]

Thanks a million Clubman, that's exactly what I'm looking for.