Hi, I am doing a pay slip for myself. Does it deduct the expenses and then calculate the tax? With Net Pay
Hi Johnny – Yes, business expenses are tax exempt, so they won’t be included when calculating taxes for net or gross wages.
so if I took home say 3k in a month
I enter 3k into net
Just hang on I'm typing you an aswer
bullet then deducts the expenses from the 3k and then calculates the tax liability
We are quicker in Leitrim Peter
Sure it does everything automatically for you.
So enter bills/mileage and mark them as paid by you and they'll automatically go into the expenses box.
Expenses are money that the company owes you. They don't come from Air as most people think. So you've already paid tax on that money you used to pay for the expense so the government lets you take that money out of the company tax free.
All the tax is calculated normally and automatically - remember we create all your returns.
If you've not setup employees before we strongly recommend importing the P2C file from your ROS account. That will have all the correct tax details for everyone, again we then set-up everything automatically.
So you can pay yourself net or gross meaning if you only have 2,000 left in your bank account you can enter that and we calcuate the tax backwards so you know even with your 2k you'll have enough for your tax.
The Gross is opposite
Yes. If you want 3k and 2k were expenses, then enter 3k as the next wage and it will deduct the 2k before calcuating expenses.
"next wage" should read "net wage" - friday fingers by me!
before calculating tax you mean?
Yes, before calculating taxes. Even more Friday fingers!
So I should always use Net then really
and put in what I gave myself
and let bullet do the rest
Yes - that's definitely the easiest way to use it if you always want to make sure you get the same amount.
Please login or Register to Submit Answer
21Hi Peter, I got the p2c file and uploaded it but I get an ‘Invalid Data’ warning. I’m just uploading the file directly as it came from ROS, its a csv file.17Hi, I have a very simple company set up – no vat, no payroll. I had 8 transactions in total, with revenue of about €19K. I’m about to file my 2nd NARD, and am able to complete the B1 record. However the CRO ask for annexed financial statements. I’ve read different things off the Bullethq website. e.g. this blog article from a few years ago sort of suggests you don’t need an accountant: https://www.bullethq.com/how-to-use-bullet-in-3-minutes/ while this one suggests you do need an accountant to file the financial statements. https://www.bullethq.com/community/question/hi-there-me-again-im-being-asked-for-and-annual-return-by-the-cro-nard-letter-i-am-in-business-only-about-4-months-and-have-no-annual-accounts-yet-do-you-have-anything-to-generate-this/. Given the simplicity of my company setup, is it the position of Bullet that I do need an accountant to file these statements, and that I can’t manage with Bullet alone? Many thanks for your help66Hi, I can’t import this bank statement, was downloaded direct from UB business account..130Writing financial plan, do you have advice?21I am still having problems sending emails. My hosting have given me the details you requested but there are a few different types. can you please assist me in letting me know exactly which ones are the correct ones to enter?