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Sole trader income tax preparation
software and tax calculator
The basic
sole trader
bookkeeping solution contains a financial accounting file which contains several
tax accounting spreadsheets that fully automates the tax software of the self
employed using a tax accounting spreadsheet.
The small business tax
preparation software is fully automated using excel formulae to produce both the
self employed short tax return and also automatically calculates
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TOTAL LIABILITY TO INCOME TAX, PRSI & HEALTH CONTRIBUTION |
applicable to self employed business.
The net taxable profit
is calculated from the sales and purchase accounting spreadsheets and the self
employed short tax return designed to look and feel exactly the same as the self employed tax return form with all the same box numbers. That net taxable
profit is then transferred to the tax calculator which contains the
personal tax allowances, tax rates and national insurance rates applicable for
that financial tax year.
No manual entries are
required to the tax accounting spreadsheet in this tax preparation software which is preset with the income tax
bands and tax rates to enable the tax liability to be checked by simply visiting
the tax accounting spreadsheet at any time avoiding any unpleasant tax surprises
at the year end. An important part of the sole trader accounts package is
the income tax payable being
potentially the
most significant costs of any self employed businessman making the tax software
an essential business tool.
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INCOME TAX CALCULATION |
2009 |
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SELF |
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SPOUSE |
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Row No. |
Line No. |
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1 |
104,105,106 |
Income from Trade/Profession |
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0 |
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2 |
107, 109 - 111 |
Deduct Capital Allowances |
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3 |
113 |
Deduct Trading Losses unused from a prior year |
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(Restricted to the amount of the related trading income) |
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4 |
207 |
Add Rental Income (if a loss, show 0.00) |
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5 |
208(c), 210 |
Deduct Rental Capital Allowances & Loss(es) |
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(Restricted to the amount of rental income) |
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6 |
403(a), 404(a) |
Add Interest earned and Gross Dividends received |
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7 |
301, 305- 313, 401 |
Add Other |
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402, 405- 407 |
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8 |
TOTAL |
0 |
0 |
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9 |
212, 213, 214, |
Add Employments/Pensions/Benefits/Directorships |
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218-224, 226 |
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10 |
215, 225, 302, 304 |
Add Employments/Pensions (non-PAYE) |
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11 |
TOTAL |
0 |
0 |
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DEDUCT |
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12 |
112, 114 |
Trading Losses incurred in Accounting Period |
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0 |
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13 |
217 |
Allowable Deductions incurred in Employment |
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14 |
506(f), 507(g), 508(d) |
RAC/PRSA/Migrant Member Relief |
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15 |
503-505, 511 |
Other |
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16 |
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TOTAL |
0 |
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0 |
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17 |
TOTAL INCOME (SELF SPOUSE) |
0 |
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18 |
515(b), 518-520, |
Deduct |
Reliefs (e.g. Health Expenses, BES Relief, |
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527, 528, 530, |
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Donations to Approved Bodies) |
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533, 534, 552 |
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19 |
TAXABLE INCOME |
0 |
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20 |
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on which Income Tax is charged as follows: |
…………………... |
@ 20%= |
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21 |
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(Note 2) |
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……………..……. |
@ 41%= |
0 |
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22 |
TOTAL INCOME TAX |
0 |
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PERSONAL TAX CREDITS |
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23 |
2, 4, 5, 6, 8, 9, 513-515(a), |
Deduct |
Personal Tax Credits (Note 3) |
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516(a), 517, 521-526, |
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531 |
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24 |
INCOME TAX DUE - SUB-TOTAL |
0 |
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CREDITS - NON-REPAYABLE |
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25 |
510 |
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Relievable Interest (Main Residence) |
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26 |
403(a) |
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DIRT(Non-Refundable - person aged under 65 years) |
@20% = |
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27 |
302, 304, 308-311, 314 |
Other |
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28 |
TOTAL NON-REPAYABLE CREDITS |
0 |
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29 |
INCOME TAX DUE |
[Row 24 less Row 28 - if result is negative show 0.00] |
0.00 |
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As personal tax
allowances can vary between individuals then the tax calculator can only be an
estimate but for those sole traders on the standard tax allowance the calculated
tax liability will be accurate
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PRSI (Note 5) |
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SELF |
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SPOUSE |
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36 |
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Income (from Total at Row 8) |
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0 |
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37 |
112-114 |
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Add back Trading losses, if any |
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0 |
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38 |
210 |
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Add back Rental losses from a prior year, if any |
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39 |
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Sub-Total |
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0 |
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40 |
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Deduct any pensions included at Row 8 |
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41 |
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Adjusted income for PRSI purposes Sub-Total |
0 |
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42 |
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PRSI @ 3% |
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0 |
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43 |
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Minimum Contribution £253 |
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253 |
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44 |
TOTAL PRSI PAYABLE |
0 |
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HEALTH CONTRIBUTION (Note 6) |
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SELF |
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SPOUSE |
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45 |
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Income (from Total at Row 8) |
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0 |
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46 |
112-114 |
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Add back Trading losses, if any |
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0 |
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47 |
210 |
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Add back Rental losses from a prior year, if any |
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48 |
215, 225 |
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Add Non-PAYE Employments/Pensions |
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49 |
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Sub Total |
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0 |
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50 |
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Health Contribution @ 3.333% (over €75036 up to €100100) 4% (over
€100100) 4.167% |
0 |
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* (Not payable where Sub-Total plus any PAYE income is £26,000 or less) |
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51 |
TOTAL HEALTH CONTRIBUTION PAYABLE |
0 |
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TOTAL LIABILITY TO INCOME TAX, PRSI & HEALTH CONTRIBUTION 2008 |
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52 |
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Income Tax Due - [Marginal relief - see Note 4] |
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0 |
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53 |
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Add Tax withheld by you (Row 30) |
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54 |
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Add PRSI payable |
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0 |
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55 |
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Add Health Contribution payable |
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0 |
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56 |
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Deduct Credits/Reliefs (Repayable) |
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57 |
TOTAL PAYABLE/REPAYABLE |
0 |
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Brief descriptions of the full range
of Accounting Software,
Payroll Software, are available
on the DIY Accounting home page
"Sole trader tax preparation
software fills in the short self employed tax return with an income tax calculator"
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ROI
small business
accounting software, tax accounting, payroll software,