A Layman’s Guide to Income Tax & ROS

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. There will also be a demonstration of the use of Revenue Online Services (ROS) to submit their income tax self-assessment return Form 11 in a straight-forward, user-friendly manner.

Session 1 - A Layman’s Guide to Income Taxes:

• Who pays Income Tax?
• On what income do we pay income taxes?
• Allowable Business Expenses
• Income Tax Thresholds/ Bands
• Income Tax, USC and PRSI Rates
• Tax Credits, Tax Reliefs and Capital Allowances
• Exempt Income
• Preliminary Tax
• Payment Deadlines
• An Income Tax working example

Session 2 -  How to Submit your Form 11 on ROS

• Submitting the Form 11 Income Tax Return on ROS – a detailed walkthrough
• Employment income, Trade/Profession income, Investment income, Rental income, Social Welfare, Pension income etc
• How to claim Tax Credits and other reliefs
• Submitting the Tax Return to Revenue on ROS
• Submitting Payments to Revenue
• ROS ‘Revenue Record’ Inbox and Reports

 This course is strictly for Westmeath Clients only.