Tax Issue

[thebusiness]

Hi All,

I have just started a new business and have been told that I am in Class S. I plan only to take a minimal wage from the business until it gets going.

I plan to take 250per week so here are my questions:

How much PRSI and PAYE do I take out and can I just file at the end of the year or do I have to file each month.

J

 

[ClubMan]

How much PRSI and PAYE do I take out and can I just file at the end of the year or do I have to file each month.

For information about Class S PRSI rates see here. Can't answer your other questions but you might need to discuss these issues with an accountant.

 

[Ham Slicer]

Hi All,

I have just started a new business and have been told that I am in Class S. I plan only to take a minimal wage from the business until it gets going.

I plan to take 250per week so here are my questions:

How much PRSI and PAYE do I take out and can I just file at the end of the year or do I have to file each month.

J

The form you need to file is called a P30. These are normally done on a monthly basis. However, since the last budget these can now be filed on a quarterly basis if the annual liability is less that €30K which in your case it will be.

How much tax and PRSI should be submitted will depend on your tax credits etc and whether the €250 is a gross or net amount.