INCOME tax includes pay-related social insurance (PRSI) and the Universal Social Charge (USC) and ranges from 30% to 55%. With personal tax rates being at this high level one needs to factor tax in as a business cost.

It is the after-tax income that the business will have available to repay loan capital, meet living expenses and further invest in the business. To ensure you pay the minimum amount of income tax consider each of these points: