Taxi nomics

[john m]

The economics of running a taxi and who else gets coin .Just looking through my Insurance docs and realized im paying 17% interest because I pay by installments thats nearly 400 a year on top of my premium .Interest rate of 4.6% on car loan. another 400 a year .I usually pay my tax by CC that is another few quid interest until thats paid off .There is at least a Grand to be saved in interest over a year .Might be interesting if somebody who understands finance properly could advise (Rat) what interest paid is tax deductable as a business charge and what interest is just wasted money .

[Mr phooey]

Hoo are yoo wit Mr John? 
Have yu done the maths rite?
I'm paying 175 interest on almost 2700...

[john m]

Interest is 17.4% but its decending interest is 109 .over the year .Thats why I asked for advice from somebody who knows .I suppose CC interest is the bogey your inclined to leave the debt on the card to long .The Rodent would probably point to the Commission on work as the biggest expence .

[dalymount]

I always thought you had to pay all your tax liabilities in one fo,is this not the case ?

[john m]

I always thought you had to pay all your tax liabilities in one fo,is this not the case ?

I pay my tax bill in one but you can pay in instalments if you come up short just contact the revenue and come to an arrangement .Revenue areusually accomodating as long as you pay up .

[dalymount]

Im the same John,I aways pay in one go,but I never knew you could pay in instalments

[watty]

@ JohnM:  Maybe get a Credit Union loan at 8-ish % instead of paying CC rates?  Or put aside a few bob each week in advance.  Easier said than done, of course.

@ dalymount:  I set up a direct debit for few years back and pay Revenue a certain amount each month.  Takes the shock out of it when you submit your final accounts in Oct.

[Cool Boola]

Are we talking bout pre tax  here

[Jack Meoff]

I always thought you had to pay all your tax liabilities in one fo,is this not the case ?

I pay my tax bill in one but you can pay in instalments if you come up short just contact the revenue and come to an arrangement .Revenue areusually accomodating as long as you pay up .

If you are registered with ROS you can log on and pay whatever you want.
Even a Euro a week if you want

[Jack Meoff]

I always thought you had to pay all your tax liabilities in one fo,is this not the case ?

I pay my tax bill in one but you can pay in instalments if you come up short just contact the revenue and come to an arrangement .Revenue areusually accomodating as long as you pay up .

If you are registered with ROS you can log on and pay whatever you want.
Even a Euro a week if you want.
So between now and and October one can log in and pay any few bob  for 2018 tax liability.

[dalymount]

Is this the preliminary tax your talking about ?

[Jack Meoff]

You can pay both each day on line by logging in.
Add a few euro each week and come October your tax bill could be nearly paid.

[Belker]

The economics of running a taxi and who else gets coin .Just looking through my Insurance docs and realized im paying 17% interest because I pay by installments thats nearly 400 a year on top of my premium .Interest rate of 4.6% on car loan. another 400 a year .I usually pay my tax by CC that is another few quid interest until thats paid off .There is at least a Grand to be saved in interest over a year .Might be interesting if somebody who understands finance properly could advise (Rat) what interest paid is tax deductable as a business charge and what interest is just wasted money .

Get a proper weekly plan in place and save in advance of what you need, you will always get a better deal fer cash, and if'n you have saved the cash upfront then there is No Interest to be paid !
I know I will need at least 4K in my current account next Oct fer insurance, tax man, accountant, NCT and suitability and I save in advance fer all of them.

[Belker]

Im the same John,I aways pay in one go,but I never knew you could pay in instalments

I would imagine that paying your tax bill in instalments might bring on a hefty interest rate ??

[dalymount]

I always wondered why a few years ago,when they DOUBLED the PRSI  contribution for self employed,there wasnt one voice raised anger,or in question as to why they did this.particularly when you consider we get fukk all in the event we get nothing if your business goes belly up