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Self employed Tax Accounting Software Income Tax Calculator

The DIY Tax Accounting Software for Sole Trader accounts and Self employed accounting contain the tax calculator shown below to automatically calculate the income tax liability.

Net taxable profit is the total sales income less business expenses and capital tax allowances.

 

 

Income Tax Calculator

No Entries Required

Fully automated and available in real time to determine the Income Tax and PRSI and Health contributions payable after adding back disallowed expenses and deducting capital allowances.

 

INCOME TAX CALCULATION

2008

 

SELF

 

Line No.

 

 

 

 

 

 

 

 

 

104,105,106

Income from Trade/Profession

 

0

 

 

 

 

 

 

 

 

 

 

107, 109 - 111

Deduct Capital Allowances

 

 

(

0

)

113

Deduct Trading Losses unused from a prior year

 

 

 

 

(Restricted to the amount of the related trading income)

(

 

)

207

Add Rental Income (if a loss, show 0.00)

 

 

208(c), 210

Deduct Rental Capital Allowances & Loss(es)

 

 

 

 

(Restricted to the amount of rental income)

(

 

)

403(a), 404(a)

Add Interest earned and Gross Dividends received

 

301, 305- 313, 401

Add Other

 

 

 

 

 

402, 405- 407

 

 

 

 

 

 

 

 

 

TOTAL

0

TOTAL INCOME (SELF  SPOUSE)

515(b), 518-520,

Deduct

Reliefs (e.g. Health Expenses, BES Relief,

 

 

 

527, 528, 530,

 

 

Donations to Approved Bodies)

 

 

 

533, 534, 552

 

 

 

 

 

 

 

 

 

TAXABLE INCOME

 

 

 

 

 

 

 

 

 

 

 

on which Income Tax is charged as follows:

@ 20%=

 

(Note 2)

 

 

 

 

@ 41%=

 

 

 

 

 

 

 

 

 

 

TOTAL INCOME TAX

 

 

PERSONAL TAX CREDITS

 

 

 

 

2, 4, 5, 6, 8, 9, 513-515(a),

Deduct

Personal Tax Credits (Note 3)

 

 

 

516(a), 517, 521-526,

 

 

 

 

 

 

 

 

531

 

 

 

 

 

 

 

 

 

INCOME TAX DUE - SUB-TOTAL

 

 

"DIY Tax accounting software for the self employed accounts uses an automated NI and income tax calculator to produce the income tax liability"

 

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Last modified: 10/03/09