Page 1 of 2 12 LastLast
Results 1 to 10 of 12

Thread: Income Tax Time

  1. #1
    Join Date
    Jul 2008
    Location
    Under a palm tree
    Posts
    533
    Reviews
    16

    Default Income Tax Time

    I'm PAYE myself and have felt some financial pain this year.
    I have taken a financial hair cut, and my punting funds are getting smaller.

    But I was just woundering about you self employed guys.

    You have probably been still riding like it was still good 'ol 2007.

    Would be curious to hear from you lads will you be cutting back on the punting after your accountants give you that tax calculation which includes the extra tax rates and levies.

    Any ideas on the subject ??

  2. #2
    Join Date
    Oct 2009
    Location
    Omnipresent
    Posts
    1,051
    Blog Entries
    2

    Default

    Quote Originally Posted by Smarty View Post
    I'm PAYE myself and have felt some financial pain this year.
    I have taken a financial hair cut, and my punting funds are getting smaller.

    But I was just woundering about you self employed guys.

    You have probably been still riding like it was still good 'ol 2007.

    Would be curious to hear from you lads will you be cutting back on the punting after your accountants give you that tax calculation which includes the extra tax rates and levies.

    Any ideas on the subject ??
    there's always loopholes, trust me, it's just spotting them thats the problem, I took a cut, but things are better elsewhere too

  3. #3
    Join Date
    Oct 2009
    Posts
    319
    Reviews
    12

    Default

    Quote Originally Posted by blankmannn View Post
    there's always loopholes, trust me, it's just spotting them thats the problem, I took a cut, but things are better elsewhere too
    Having a Cayman Islands or Isle of Man offshore account is useful.

  4. #4
    Join Date
    Jul 2008
    Location
    south east
    Posts
    3,705
    Reviews
    130

    Default

    its very difficult at the moment, cant get payed for work done, and its last years tax thats due
    Best regards Feargal
    Life is too short not to do things that you like, before its too late.
    never leave till tomorrow what you can do today

  5. #5
    Join Date
    Nov 2007
    Location
    Nowhere
    Posts
    10,065
    Blog Entries
    6
    Reviews
    21

    Default

    No, it's this year's tax that's due plus the balance after preliminary tax for 2008.
    How to pay - Balaclava, Shotgun, Bank

    Engaging Personality
    Mesmerising Eyes
    Magnificent Ass
    Adorable Lady
    Sexy, Wicked, Enticing, Erotic, Tease

  6. #6
    Join Date
    Nov 2007
    Location
    Nowhere
    Posts
    10,065
    Blog Entries
    6
    Reviews
    21

    Default

    Quote Originally Posted by Smarty View Post
    I'm PAYE myself and have felt some financial pain this year.
    I have taken a financial hair cut, and my punting funds are getting smaller.

    But I was just woundering about you self employed guys.

    You have probably been still riding like it was still good 'ol 2007.

    Would be curious to hear from you lads will you be cutting back on the punting after your accountants give you that tax calculation which includes the extra tax rates and levies.

    Any ideas on the subject ??
    I have made cuts in lots of areas:
    Got the snip; Cut my hair; Cut up the credit card; Got a circumcision.

    Engaging Personality
    Mesmerising Eyes
    Magnificent Ass
    Adorable Lady
    Sexy, Wicked, Enticing, Erotic, Tease

  7. #7
    Join Date
    Dec 2008
    Location
    Under Patricia.........
    Posts
    8,423
    Blog Entries
    1

    Default What would make you think this???

    Quote Originally Posted by Smarty View Post

    You have probably been still riding like it was still good 'ol 2007.
    Do you think that the self employed haven't taken a big hit too???
    Advertising space available for hire, and reviews for sale, just call me....xxx

    "It's far easier to fight for principles than to live up to them."
    L

  8. #8
    Join Date
    Jul 2007
    Location
    cork the real capital
    Posts
    5,553
    Blog Entries
    1
    Reviews
    83

    Default Prelimenary tax

    Quote Originally Posted by Forrest View Post
    No, it's this year's tax that's due plus the balance after preliminary tax for 2008.
    How to pay - Balaclava, Shotgun, Bank
    No its the balance of last years tax and the Preliminary tax for this year(u cant know
    what this years tax is cause if like me ure tax year is 1st jan to 31st dec there are still
    over 2 months of the year left)
    So ure options are estimate and pay at least 90% of ure 09 bill or pay the equivelant
    of ure 08 tax the balance to be paid or a refund made next year which ever is the case
    U can also use the option of not paying any prelimenary tax and when ure bill is decided
    this time next year the revenue will add intrest at the rate of i think 7.99%, can see this
    option being popular this year as people are tight and the banks are not inclined to lend
    Also if u borrow money specifically to pay a tax bill the intrest on this is not tax deductable
    so u dont gain anything, my recomondation is borrow from the state sur arent they all at
    it so might aswell join the party

  9. #9

    Default

    Quote Originally Posted by luther View Post
    Do you think that the self employed haven't taken a big hit too???
    I think the point being made here is that if you are self employed and paying Income Tax that it is really only this time of the year, ie end of October that most self employed will learn from their own calculations of accountants how much of a tax bill they will owe for 2009.

    Therefore some people would have kept up their lifestyle from last year, as it is a common human trait to bury ones head in the sand, only to be faced with a "shock" around now.

    I don't think anyone is saying that the self employed haven't taken a big hit too.

  10. #10
    Join Date
    Aug 2007
    Location
    limerick
    Posts
    3,241
    Reviews
    4

    Default

    ya I've taken a skinner, dont u simply hate this 'financial haircut' saying
    'Politics is the gentle art of getting votes from the poor & campaign funds from the rich, by promising to protect each from the other' -ep

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •