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Tax Question for Social Welfare back to work scheme.

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  • 09-08-2012 12:16pm
    #1
    Registered Users Posts: 71 ✭✭


    Hi, we have opened a business over a year ago and have to fill out our first tax forms. It's a partnership. We are on the Social Welfare back to work scheme and I think we were told that we don't have to pay tax for the first €20,000 earned. It this how it works.?


Comments

  • Registered Users Posts: 2,094 ✭✭✭dbran


    Hi

    Income from the Back to Work Scheme is not taxable. However income from the business is taxable.

    The amount of tax you will pay will be based on an individual's tax credits and tax bands and woudl not be subject to a general rule of thumb as you describe.

    Kind Regards


    dbran


  • Registered Users Posts: 71 ✭✭fmoy


    Thanks for the reply. Is the income taxable after €20,000 earned do you know and is it €20,000 per person.?


  • Registered Users Posts: 2,094 ✭✭✭dbran


    Hi

    For a normal person with self employed income and just the single allowance I would imagine income over €8150 would be taxable. There would also be prsi and universal social charge payable.

    Regards


    dbran


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