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Irish Corporation Tax 12.5%
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"Way to go Ireland...
Just opened an Irish Company"
What?
No Irish jokes Forumites?
Are you selling shovels OP, but letting them take their pick?
 
Eventually Germany and France will force them to raise it though.
Mr ddc |
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By *oo hot OP Couple
over a year ago
North West |
Actually I am setting up a new Internet based business and I bought the Company back in April when it looked as though Labour might get in and put CT up.
Decided that it will be in my best interest to use it anyway as it will be relatively small turnover and a saving of 7.5% will be significant enough to make a difference. |
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By (user no longer on site)
over a year ago
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"Actually I am setting up a new Internet based business and I bought the Company back in April when it looked as though Labour might get in and put CT up.
Decided that it will be in my best interest to use it anyway as it will be relatively small turnover and a saving of 7.5% will be significant enough to make a difference."
WOW, that's impressive - and tempting! What's the ceiling for that rate before it goes up a step? |
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By (user no longer on site)
over a year ago
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"Actually I am setting up a new Internet based business and I bought the Company back in April when it looked as though Labour might get in and put CT up.
Decided that it will be in my best interest to use it anyway as it will be relatively small turnover and a saving of 7.5% will be significant enough to make a difference.
WOW, that's impressive - and tempting! What's the ceiling for that rate before it goes up a step?"
it doesn't  that's the corporation tax rate over here. Used to entice FDI companies and keep our economy moving. |
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By *oo hot OP Couple
over a year ago
North West |
"Actually I am setting up a new Internet based business and I bought the Company back in April when it looked as though Labour might get in and put CT up.
Decided that it will be in my best interest to use it anyway as it will be relatively small turnover and a saving of 7.5% will be significant enough to make a difference.
WOW, that's impressive - and tempting! What's the ceiling for that rate before it goes up a step?it doesn't that's the corporation tax rate over here. Used to entice FDI companies and keep our economy moving. "
Very interesting that the Guardian worshipers and great unwashed generally think that Companies should be paying more tax. Yet Ireland has dragged itself out of the mire by having one of (if not the lowest) CT rates in Europe.
Looks like attracting big business is good for the economy then. |
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" I bought the Company back in April when it looked as though Labour might get in and put CT up."
Oh ye of little faith. I told you not to listen to those Green Party nay-sayers !
As for Ireland's success though, the theory is that by encouraging Google, Amazon and the like to locate there, it diverts our tax income abroad, thereby diminishing our own revenue.
As more items are purchased from 'technically abroad', it hits our own high streets, and puts small businesses out of work, while creating the lowest wage jobs possible.
There was a point, back in 2008, when it looked as though all countries might get together to prevent this, but it turns out Britain hold the majority of international tax havens, and it all got quietly shelved.
Germany and France keep raising it, but we will go "who are they to dictact EU-wide corporation tax levels", while quietly continuing to suffer ever-shrinking company tax receipts.
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By *oo hot OP Couple
over a year ago
North West |
" I bought the Company back in April when it looked as though Labour might get in and put CT up.
Oh ye of little faith. I told you not to listen to those Green Party nay-sayers !
As for Ireland's success though, the theory is that by encouraging Google, Amazon and the like to locate there, it diverts our tax income abroad, thereby diminishing our own revenue.
As more items are purchased from 'technically abroad', it hits our own high streets, and puts small businesses out of work, while creating the lowest wage jobs possible.
There was a point, back in 2008, when it looked as though all countries might get together to prevent this, but it turns out Britain hold the majority of international tax havens, and it all got quietly shelved.
Germany and France keep raising it, but we will go "who are they to dictact EU-wide corporation tax levels", while quietly continuing to suffer ever-shrinking company tax receipts.
"
Two ways of looking at this...
1) there really is no possibility of a functioning EU without a common taxation policy.
2) OR.... Do what Ireland has done and adopt the lowest CT rate policy - maybe even get rid of it altogether.
Either way, this policy of having a low Corporation Tax has certainly benefitted Ireland. Ours potentially would have been at twice the rate (25%) had Labour got in. |
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Agreed, sadly I can't see us working closely with Europe though!
There is a third option, the local sales tax. California were meant to be leading the way with that, but that all went quiet too.
The trouble with low Corporation Tax is that self-employed people can use it as a way of avoiding Income Tax. But it's also a bit pointless when multi-million pound companies, like the Premiership Football clubs, don't pay it because they're all 'run at a loss'.
Makes me glad I only have to worry about the economy once every five years! |
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By (user no longer on site)
over a year ago
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The tax system in Ireland is one of the most progressive and aggressive systems in the world.
While it may be conceivably possible to be own a company and dodge the tax, deposit interest is taxed at 41%. Also, income tax (for a single person) is currently at 20% for the first 32,800 and 41% thereafter. This follows any deduction made by USC (up to 8%)
What gets reported in the news is companies, using a loophole which is now closed, buying Irish headquartered companies to pay less tax. Companies like Apple paying 2% tax on their earnings, when in fact it's all tied up in off shore accounts. The reality is that most profitable companies in Ireland can't escape paying the CT bill. Otherwise they'd all be here! |
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By *oo hot OP Couple
over a year ago
North West |
"The tax system in Ireland is one of the most progressive and aggressive systems in the world.
While it may be conceivably possible to be own a company and dodge the tax, deposit interest is taxed at 41%. Also, income tax (for a single person) is currently at 20% for the first 32,800 and 41% thereafter. This follows any deduction made by USC (up to 8%)
What gets reported in the news is companies, using a loophole which is now closed, buying Irish headquartered companies to pay less tax. Companies like Apple paying 2% tax on their earnings, when in fact it's all tied up in off shore accounts. The reality is that most profitable companies in Ireland can't escape paying the CT bill. Otherwise they'd all be here!"
What has been explained to me by the Accountant is that if I trade the Irish Ltd Company, it will be exposed to 12.5% CT at year end. This is a significant saving on the 20% that would be payable if the company was a UK entity. It is not about escaping paying CT - it is about saving 7.5%.
Of course this cannot done with all trading companies, but with an internet based one, it appears to work just fine, albeit time will tell next June!
I have not yet pressed the green button as I want a bit more detail about how dividends are treated and I wasnt to compare the effects of banking in the UK and/or Eire.
So far it is looking promising to trade virtually from Eire albeit this is not surprising as many, many European tech companies are seemingly doing the same. |
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By (user no longer on site)
over a year ago
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Ireland is finished because it owes money it's small economy cannot payback. Interestingly, the British tax payer helped bail out the Irish arm of the failed British banks.
It is well documented that Germany and France want a common corporate tax rate for all the Euro-zone members. Realistically, with closer European integration, they will get it. Therefore, in the future, Ireland will have to raise it's tax rates to those set by Germany.
It's best if you don't get too comfortable with the relatively small rates of tax you are currently paying. |
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"Actually I am setting up a new Internet based business and I bought the Company back in April when it looked as though Labour might get in and put CT up.
Decided that it will be in my best interest to use it anyway as it will be relatively small turnover and a saving of 7.5% will be significant enough to make a difference."
...and I thought you'd be selling parking spots for pushbikes.  |
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"Way to go Ireland...
Just opened an Irish Company"
I assume that is in the Republic of Ireland ..There is a similar scheme in the North of Ireland but I cannot remember the exact qualifying criteria . |
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Trading the ltd company in Ireland - but "working" it from UK?
Have you checked out this arrangement, as I have been led to believe Uk authorities are always interested to look around such arrangements.
And after tax profits remain in Ireland?
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By (user no longer on site)
over a year ago
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It's all very well for big business but for the average Joe it's pointless.
Let's say your making a hundred grand profit, your only actually saving 7500 quid.
For that you've got your outlay buying the business, the mither and extra costs of exchanging your money from Euros to pounds and back again. I suppose it could be worth it if your taking half a million profit. But there's alot of easier ways to reduce profit and avoid ct.
That's why ct raises very little revenue anyway, ours at 20/21 compares favourably it seems of you look around the world were already one of the lower countries.
Ireland with such a little population has more flexibility on how it raises taxes and spends tax's.
Currently there biggest problem is avoiding the disaster that they had the problem with in 2008 , some people never learn! |
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By (user no longer on site)
over a year ago
|
"Actually I am setting up a new Internet based business and I bought the Company back in April when it looked as though Labour might get in and put CT up.
Decided that it will be in my best interest to use it anyway as it will be relatively small turnover and a saving of 7.5% will be significant enough to make a difference.
WOW, that's impressive - and tempting! What's the ceiling for that rate before it goes up a step?it doesn't that's the corporation tax rate over here. Used to entice FDI companies and keep our economy moving.
Very interesting that the Guardian worshipers and great unwashed generally think that Companies should be paying more tax. Yet Ireland has dragged itself out of the mire by having one of (if not the lowest) CT rates in Europe.
Looks like attracting big business is good for the economy then."
.
Yeah the great unwashed!!
Ireland hasn't dragged itself out of anything yet, they've reduced there debt impressively but there currently back in another massive property bubble and that's yet another banking bailout disaster looming. One which the uk helped to bail out though tax revenue! |
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By *oo hot OP Couple
over a year ago
North West |
"Trading the ltd company in Ireland - but "working" it from UK?
Have you checked out this arrangement, as I have been led to believe Uk authorities are always interested to look around such arrangements.
And after tax profits remain in Ireland?
"
It is an internet based trading company. Worldwide clients, hosted in Ireland. |
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By *oo hot OP Couple
over a year ago
North West |
"It's all very well for big business but for the average Joe it's pointless.
Let's say your making a hundred grand profit, your only actually saving 7500 quid.
For that you've got your outlay buying the business, the mither and extra costs of exchanging your money from Euros to pounds and back again. I suppose it could be worth it if your taking half a million profit. But there's alot of easier ways to reduce profit and avoid ct.
That's why ct raises very little revenue anyway, ours at 20/21 compares favourably it seems of you look around the world were already one of the lower countries.
Ireland with such a little population has more flexibility on how it raises taxes and spends tax's.
Currently there biggest problem is avoiding the disaster that they had the problem with in 2008 , some people never learn!"
I have no problem working in Euro's as I have companies trading in Sterling and US Dollars already so it should provide some exchange benefits over time and of course that has its own benefit of sorts  |
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By (user no longer on site)
over a year ago
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"Ireland is finished because it owes money it's small economy cannot payback. Interestingly, the British tax payer helped bail out the Irish arm of the failed British banks.
It is well documented that Germany and France want a common corporate tax rate for all the Euro-zone members. Realistically, with closer European integration, they will get it. Therefore, in the future, Ireland will have to raise it's tax rates to those set by Germany.
It's best if you don't get too comfortable with the relatively small rates of tax you are currently paying."
Not quite sure how you figure this. The government's sovereign debt cost is reducing. Hence the interest rate on the EU/IMF/ECB bailout is reducing on the headline rates. Whether or not a common corporate tax policy is coming down the autobahn, who knows.
I take the point about a property bubble, but the economic figures will suggest that Ireland has the fastest growing economy in the Euro-zone by some margin, much of which is export led, particularly in the agri-food sector, as domestic demand is still very subdued.
Either way, I wish the man and his business all the very best! |
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"Trading the ltd company in Ireland - but "working" it from UK?
Have you checked out this arrangement, as I have been led to believe Uk authorities are always interested to look around such arrangements.
And after tax profits remain in Ireland?
It is an internet based trading company. Worldwide clients, hosted in Ireland."
Sitting in Manchester, UK doing the work ?
There's a difference |
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By (user no longer on site)
over a year ago
|
"Actually I am setting up a new Internet based business and I bought the Company back in April when it looked as though Labour might get in and put CT up.
Decided that it will be in my best interest to use it anyway as it will be relatively small turnover and a saving of 7.5% will be significant enough to make a difference.
WOW, that's impressive - and tempting! What's the ceiling for that rate before it goes up a step?it doesn't that's the corporation tax rate over here. Used to entice FDI companies and keep our economy moving.
Very interesting that the Guardian worshipers and great unwashed generally think that Companies should be paying more tax. Yet Ireland has dragged itself out of the mire by having one of (if not the lowest) CT rates in Europe.
Looks like attracting big business is good for the economy then."
They aren't really attracting many jobs though just a small office through which funds are funneled |
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By (user no longer on site)
over a year ago
|
"Ireland is finished because it owes money it's small economy cannot payback. Interestingly, the British tax payer helped bail out the Irish arm of the failed British banks.
It is well documented that Germany and France want a common corporate tax rate for all the Euro-zone members. Realistically, with closer European integration, they will get it. Therefore, in the future, Ireland will have to raise it's tax rates to those set by Germany.
It's best if you don't get too comfortable with the relatively small rates of tax you are currently paying.
Not quite sure how you figure this. The government's sovereign debt cost is reducing. Hence the interest rate on the EU/IMF/ECB bailout is reducing on the headline rates. Whether or not a common corporate tax policy is coming down the autobahn, who knows.
I take the point about a property bubble, but the economic figures will suggest that Ireland has the fastest growing economy in the Euro-zone by some margin, much of which is export led, particularly in the agri-food sector, as domestic demand is still very subdued.
Either way, I wish the man and his business all the very best! "
Economies go up and down. Instead of thinking about what's happening now, I suggest you think about what will be happening in the future. Ireland still has too much debt. Europe and America has too much debt. What will happen the next time there is a recession? The next recession will be based on very high debt levels. The next recession will exacerbate the appalling fiscal position and things will get worse very quickly. Just look at Japan. The Japanese economy has been dysfunctional ever since the bank bailouts of the 1990s!!!
Ireland is doing OK now, but in the long term it is finished. |
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By *oo hot OP Couple
over a year ago
North West |
"Trading the ltd company in Ireland - but "working" it from UK?
Have you checked out this arrangement, as I have been led to believe Uk authorities are always interested to look around such arrangements.
And after tax profits remain in Ireland?
It is an internet based trading company. Worldwide clients, hosted in Ireland.
Sitting in Manchester, UK doing the work ?
There's a difference"
What work? It is an internet trading company, once the platform is set up, it works itself.
Not that it matters anyway, but there is a good reason why so many internet companies (like google) are registered in Ireland. |
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By *oo hot OP Couple
over a year ago
North West |
"
Ireland is doing OK now, but in the long term it is finished."
According to your recent postings there are few places that are not "finished."
Glass definitely half empty over there barman. |
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By *oo hot OP Couple
over a year ago
North West |
"Actually I am setting up a new Internet based business and I bought the Company back in April when it looked as though Labour might get in and put CT up.
Decided that it will be in my best interest to use it anyway as it will be relatively small turnover and a saving of 7.5% will be significant enough to make a difference.
WOW, that's impressive - and tempting! What's the ceiling for that rate before it goes up a step?it doesn't that's the corporation tax rate over here. Used to entice FDI companies and keep our economy moving.
Very interesting that the Guardian worshipers and great unwashed generally think that Companies should be paying more tax. Yet Ireland has dragged itself out of the mire by having one of (if not the lowest) CT rates in Europe.
Looks like attracting big business is good for the economy then.
They aren't really attracting many jobs though just a small office through which funds are funneled"
OK, but money into the country via tax receipts enables the country to spend more on infrastructure and that certainly benefits local economies. |
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By *oo hot OP Couple
over a year ago
North West |
"Trading the ltd company in Ireland - but "working" it from UK?
Have you checked out this arrangement, as I have been led to believe Uk authorities are always interested to look around such arrangements.
And after tax profits remain in Ireland?
It is an internet based trading company. Worldwide clients, hosted in Ireland.
Sitting in Manchester, UK doing the work ?
There's a difference"
I think I know what you are getting at now. There is a difference between the tax paid in Irish CT by the Limited Company and how much tax I pay as an individual from dividends because I am UK resident. Is that what you are getting to?
It is irrelevant in this case because I suspect that it will be a relatively small turnover to begin with and I just want/need the extra margin to cover operating costs. I have to do a UK tax return anyway for income received from elsewhere so this would just add to that if/when the time comes, or transfer the ownership elsewhere if appropriate. |
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"Trading the ltd company in Ireland - but "working" it from UK?
Have you checked out this arrangement, as I have been led to believe Uk authorities are always interested to look around such arrangements.
And after tax profits remain in Ireland?
It is an internet based trading company. Worldwide clients, hosted in Ireland.
Sitting in Manchester, UK doing the work ?
There's a difference
What work? It is an internet trading company, once the platform is set up, it works itself.
Not that it matters anyway, but there is a good reason why so many internet companies (like google) are registered in Ireland."
With an office and staff
|
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"Trading the ltd company in Ireland - but "working" it from UK?
Have you checked out this arrangement, as I have been led to believe Uk authorities are always interested to look around such arrangements.
And after tax profits remain in Ireland?
It is an internet based trading company. Worldwide clients, hosted in Ireland.
Sitting in Manchester, UK doing the work ?
There's a difference
I think I know what you are getting at now. There is a difference between the tax paid in Irish CT by the Limited Company and how much tax I pay as an individual from dividends because I am UK resident. Is that what you are getting to?
It is irrelevant in this case because I suspect that it will be a relatively small turnover to begin with and I just want/need the extra margin to cover operating costs. I have to do a UK tax return anyway for income received from elsewhere so this would just add to that if/when the time comes, or transfer the ownership elsewhere if appropriate."
.... yes, with existing UK business, and declaring dividend as you mention, authorities have no quarrel - but then isn't "your money" then being taxed twice? |
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By (user no longer on site)
over a year ago
|
"Actually I am setting up a new Internet based business and I bought the Company back in April when it looked as though Labour might get in and put CT up.
Decided that it will be in my best interest to use it anyway as it will be relatively small turnover and a saving of 7.5% will be significant enough to make a difference."
thumbs down button needed |
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By *oo hot OP Couple
over a year ago
North West |
"
.... yes, with existing UK business, and declaring dividend as you mention, authorities have no quarrel - but then isn't "your money" then being taxed twice?"
No. The Limited Company is an entity in its own right. It will pay CT on its profits. What is left over may be disbursed as dividends and of course that would make up part of my earnings and would be declared here. In other words, the company pays tax on its profit and then I pay tax on my earnings. Same happens with my UK Company except that it pays 20% CT. |
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By (user no longer on site)
over a year ago
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The interesting thing is Google actually paid a 20% CT tax in 2009 anyway!.
According to their accounts they turned over 8 billion in Europe with gross profit of 6.2 billon but after paying huge licence fees to their headquarters in Bermuda operating profit in Ireland was only 45 million pounds .
They paid 9.4 million CT In Ireland which is in effect a 20% rate?.
But if there'd choose to pay the official 12.5% rate they could have saved a massive 4 million pounds... Wow 4 million from a gross profit of 6200 million. Those Irish sure should count themselves lucky! |
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"
.... yes, with existing UK business, and declaring dividend as you mention, authorities have no quarrel - but then isn't "your money" then being taxed twice?
No. The Limited Company is an entity in its own right. It will pay CT on its profits. What is left over may be disbursed as dividends and of course that would make up part of my earnings and would be declared here. In other words, the company pays tax on its profit and then I pay tax on my earnings. Same happens with my UK Company except that it pays 20% CT."
I think that's what I mean. When the dividend (the already itish taxed profit) is declared in UK, then either through your UK company or personal income it's taxed again ... |
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So, if the same expenditure is needed to keep the UK infrastructure stable or improved upon, doesn't this mean that the rest of UK taxpayers have to pay more of it, if some shift money around to other countries? |
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By (user no longer on site)
over a year ago
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"
Economies go up and down. Instead of thinking about what's happening now, I suggest you think about what will be happening in the future. Ireland still has too much debt. Europe and America has too much debt. What will happen the next time there is a recession? The next recession will be based on very high debt levels. The next recession will exacerbate the appalling fiscal position and things will get worse very quickly. Just look at Japan. The Japanese economy has been dysfunctional ever since the bank bailouts of the 1990s!!!
Ireland is doing OK now, but in the long term it is finished."
Point taken RE: debt levels. I completely agree that the levels are too high, unsustainable and will end in tears. Reducing these world wide needs to happen.
I think Ireland and Japan are very different demographically which has a large influence on things, particularly recovery. I would also argue that 'bailing out' larger economies (Spain, Japan, Italy) will not work as well as for smaller economies such as Ireland. That said, Ireland is a definite poster girl for austerity and Portugal, which received a similar bail out programme hasn't recovered so well. The reasons being many and varied, but primarily revolving around CT, US ties and Education in my opinion.
I'd be interested to know, what in your opinion will, aside from high but reducing debt levels will prevent Ireland getting a sounder economic footing and will 'finish Ireland' |
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By (user no longer on site)
over a year ago
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Before we all get too hung up on Ireland, it's population is 7 million..... That's less than London!
It lived way beyond its means on the banking industry and paid the cost, it's currently doing exactly the same thing that got it in the problem in the first place! |
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By (user no longer on site)
over a year ago
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"I say 7 million that's including northern.
The republic population is 4.6 million
Yes, the population of Ireland (Eire) is about the same as Greater Manchester !"
.
Funnily enough it's biggest problem has always been emigration |
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By *oo hot OP Couple
over a year ago
North West |
"I say 7 million that's including northern.
The republic population is 4.6 million
Yes, the population of Ireland (Eire) is about the same as Greater Manchester !.
Funnily enough it's biggest problem has always been emigration"
The Accountant said to me that even half of the people on the world who claimed to be Irish came back to Ireland, it would sink. |
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By (user no longer on site)
over a year ago
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I'm not an expert in this area, but just make sure you're trading activity/ presence is predominantly in Ireland, as there can be a fine line between genuine presence and your company's incorporation being seen as an artificial set up to take advantage of the low tax.
See the case Cadburys Schweppes
Just be over cautious, if an accountant is incorrect then it would likely still be you who gets the large tax bill from the UK government...
All the best with it!!! I hope you spend the tax savings on lovely naughty things |
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By (user no longer on site)
over a year ago
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"Actually I am setting up a new Internet based business and I bought the Company back in April when it looked as though Labour might get in and put CT up.
Decided that it will be in my best interest to use it anyway as it will be relatively small turnover and a saving of 7.5% will be significant enough to make a difference.
WOW, that's impressive - and tempting! What's the ceiling for that rate before it goes up a step?it doesn't that's the corporation tax rate over here. Used to entice FDI companies and keep our economy moving.
Very interesting that the Guardian worshipers and great unwashed generally think that Companies should be paying more tax. Yet Ireland has dragged itself out of the mire by having one of (if not the lowest) CT rates in Europe.
Looks like attracting big business is good for the economy then.
They aren't really attracting many jobs though just a small office through which funds are funneled
OK, but money into the country via tax receipts enables the country to spend more on infrastructure and that certainly benefits local economies."
Problem is it can end in a race to the bottom.
Ireland lower it to 12.5, the uk then to 11, Ireland then to 10 the uk 5 etc etc till noone but the companies are making any real money. |
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