Need Some Help to Understand Preliminary Tax?
Are you seeking expert guidance on preliminary tax in Ireland? Have you recently discovered that you're liable for preliminary tax but aren't sure how to proceed?
Whether you're a sole trader, limited company, or individual taxpayer, navigating preliminary tax requirements can be confusing. At Bond & Co, our experienced chartered certified accountants and statutory auditors are here to simplify the process and ensure you meet your obligations efficiently and stress-free.
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Who Are We?
Bond & Co is a reputable accountancy firm based in Swords, Dublin, offering professional, friendly, and customised accounting services to individuals, small and medium-sized businesses, and start-ups across Ireland and internationally. We specialise in:
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Preliminary tax payments
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Tax registration and sole trades
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VAT and payroll services
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Revenue audits and tax returns
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RCT returns, compliance, and more
Let us handle your tax affairs while you focus on running and growing your business.
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What is Preliminary Tax in Ireland?
Preliminary tax is an advance payment of income tax for the current financial year, based on your expected liability. It applies to:
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Self-employed individuals
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Sole traders
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Companies
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Certain PAYE taxpayers with additional income
This system ensures the government collects income tax in a timely and consistent manner.
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When is Preliminary Tax Due?
For most self-assessed individuals and companies in Ireland, preliminary tax must be paid by October 31st each year (or mid-November if using the Revenue Online Service - ROS). It's important to meet this deadline to avoid:
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Late payment penalties
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Interest charges
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Potential compliance issues
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How is Preliminary Tax Calculated?
You can calculate your preliminary tax liability using one of the following methods:
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90% of the current year’s liability
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100% of the previous year’s liability
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105% of the pre-preceding year’s liability (for those paying by direct debit)
Selecting the right basis depends on your cash flow and the predictability of your income. Our tax professionals can help determine the best and safest calculation method for your unique situation.
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Why Work with Bond & Co?
Preliminary tax obligations can be daunting, especially when trying to estimate your income accurately. At Bond & Co, we offer:
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Expert advice based on up-to-date Revenue guidelines
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Accurate estimations to avoid over- or underpaying
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Full compliance support to ensure you never miss a deadline
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Personalised tax strategies to reduce liability and improve cash flow
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Get Peace of Mind with Expert Tax Support
Whether you’re new to the self-employed world, running an established business, or juggling multiple income streams, our experienced team at Bond & Co is ready to guide you through every stage of your preliminary tax process.