A Layman's Guide to Income Tax

Aim:

The aim of this course is to provide each participant with a clear understanding of their responsibilities as a self-employed person and an understanding of how their business fits into the self-assessment tax system. They will also gain an understanding of how Income Taxes are calculated on their business profits with tips and advice to ensure they pay less tax.

Course Outline:

• Who pays Income Tax?

•  On what income do we pay income taxes?

• Allowable Business Expenses and working from home reliefs

• Income Tax threshold and rates

• USC and PRSI 

• Tax Credits, Reliefs and Capital Allowances

• Exempt Income

• Preliminary Tax

• An Income Tax Return working example

• Important filing dates and deadlines

• An opportunity to ask specific questions of the tutor 

Training method:

• Clear demonstrations by trainer using Power Point and Excel.
• User-friendly case-study used as training tool.
• Interactive learning .

All participants will be given a full set of detailed notes at the beginning of the class.