Sole trader and tax questions

J

jigsaw

Registered User
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156
Hi guys,

Here is my situation:

I currently work a full time P.A.Y.E job

In 2014 I bought some training courses on how to make money online and its really starting to pay off now. I made no money online in 2014 but made some in 2015.

Only this week I started to rent out a room in my property (I'm aware this is tax free but must still be declared)

Here are my questions and I hope someone can help:

1) Do I have to register as a sole trader and would I do this myself or is it generally something an accountant would do for a client?

2) Considering I have 3 income streams now (Job+Rent a room money+Income earned online), when will my first tax return be due?

3) Will I be able to claim the training courses I purchased in 2014 as expenses even though I didn't make any money online until 2015

4) What is a ballpark figure I should pay an account to file my tax return for the income described above? (I have kept excellent records of everything)

I hope someone can help, I would really appreciate it

Thanks guys

Alan
 
Here are my questions and I hope someone can help:

1) Do I have to register as a sole trader and would I do this myself or is it generally something an accountant would do for a client?
usually an accountant would do it but you can do it yourself.
2) Considering I have 3 income streams now (Job+Rent a room money+Income earned online), when will my first tax return be due?
when you commence a trade you get an extra 12 months to file your return so commence in 2014 due 31.10.16.

3) Will I be able to claim the training courses I purchased in 2014 as expenses even though I didn't make any money online until 2015. are they in the nature of a business expense - probably not as they put you in a position to start a business.

4) What is a ballpark figure I should pay an account to file my tax return for the income described above? (I have kept excellent records of everything)
€500 plus VAT
 
I would be inclined to think the courses you did were an allowable expense, if they were solely for the purpose of starting a business. I did a SYOB course and we were advised that we could include the cost in our pre trading expenses
 
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