Sole trader married with a 37000 euro profit, how much approx tax?

sky is the limit

So after a long time searching on Google I find literally not a single tax calculator for the Irish market with the exception of what I see as a scare mongering worst case scenario of 40% on everything and a link to a firm of accountants looking for 200 euro per hour to sort it out ! ( rant over ). Anyway as above I’ve made 37000 profit after all expenses and my only further relief is that I have my wife’s TFA . Based on those figures can anyone tell me how much tax I’m going to pay?

thanks!

relax carry on

https://www.boards.ie/discussion/2058310566/sole-trader-married-with-a-37000-euro-profit-how-much-approx-tax

Try this one. There's an option for sole trader. The below assumes you are joint assessed and your spouse has no taxable income.

https://download.pwc.com/ie/budget-2023/income-tax-calculator.html

sky is the limit

That’s perfect my friend, feel a lot better now as I’ve over 11000 left with revenue through RCT so hopefully I’ll be able to cover both tax for 2022 and peliminary tax for 2023. That other tax calculator from Payless tax.ie scared the living daylights out of me ! Many 😊 🙏

Geuze

37000 income for a one earner couple?

Easy, here are the calculations, simple.

37.000*20% tax = 7,400 gross tax liability

Then we deduct the tax credits.

https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/tax-relief-charts/index.aspx

Tax credits

Married = 3,550

Earned Income tax credit = 1,775

= 5325

Tax due is 7400 - 5325 = 2,075, or 5.6% income tax.

This is taught on JC maths.

SureYWouldntYa

https://www.boards.ie/discussion/comment/121022836#Comment_121022836

PRSI calculation is probably also taught on JC

USC calculation is probably taught these days too

OP I'd encourage you to consult an accountant. If you have a friend or relation who's self employed ask who they use. You may be eligible for the home carer tax credit via your wife if you have children or an an elderly relative in your home but you're best to talk this through with an accountant. It will be worth it to ensure that you are claiming all the credits you are eligible for as well as ensuring your €37k profit calculation is the correct taxable profit for the year

Viscount Aggro

What about VAT at 23%.

If you are self employed,

I know it's above 37500 earnings, on goods and services.

https://www.boards.ie/discussion/2058310566/sole-trader-married-with-a-37000-euro-profit-how-much-approx-tax

Pwc tax calculator

Deloitte tax calculator

Revenue website

You didn't look very hard during your long time searching on Google.

SureYWouldntYa

https://www.boards.ie/discussion/comment/121033403#Comment_121033403

€75k goods, €37.5k services

On turnover rather than profit

Yet another reason to engage with an accountant

sky is the limit

Ok