I’ve read so much information on EURL businesses as the taxes they face. I shall try and explain my situation briefly.
I run several websites that generate income from advertisements. My costs are fairly static, but depending on income I will often re-invest profits into new websites or into further expanding my current websites to grow my portfolio.
- My business generates around €3500 per month in revenue.
- I have around €1000 a month in outgoings (web development, software, accountant costs).
- I pay myself €2800 a month (as I budgeted this is an ideal amount for bills, rent, groceries and some food/drinks/socialising each month).
As a result, I don’t really generate a lot of profit as I’ve not been in business long.
My wife is currently studying and has no income, so our household income is just the €2800 per month.
A few questions -
- I pay my salary into out joint bank account. Do I need to issue some sort of payslip for myself as proof of income (for a potential future mortgage application for example).
- I believe I am liable for :
- Income tax on my salary - how much is this for my current salary - and if I reduce my salary, will that move me into a lower tax bracket?
- Commercial tax on profits generated by the business. Is this paid every January? Assuming the business generates 0 profit, are there any charges to pay?
- Social security charges. What is the minimum contribution I will be charged on a business making such little profit, and how often does this get paid?