Tax Return - Complicated setup

paybacktime

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Hi

I am a PAYE worker. Last year I earned about €5K extra above my PAYE salary in nixers that I did. I didn't make a tax return for this money last year as I presumed it had to be done this October??

In January of this year I registered the new business and set myself up as a sole trader for this year. I am also still working as a PAYE worker. I have earned about €10K this year in the new business. I presume this tax is not now due until Next October??

Would anyone be kind enough to tell me what I am supposed to declare this October?? I'm registered with ROS also now as I did it when I setup the business in January.

Any advice appreciuated before I approach an accountant.

Thanks
 
I'd get an accountant - they usually more than make up for their fees (which are not expensive)

Most accountants would sort you out in an hour, advise you and keep you on the right path on an ongoing basis.

No, I'm not one, but I have always used one and find its the best money I spend each year.
 
I am getting an accountant but I would like some info before I head in for a chat. Any idea on what my options are to sort out above? Do I need to make a return this year or is it next year or do I need to pay preliminary tax or can I just add it to my PAYE at the end of the year??
 
If the profit on the 5k is more than €3,174, then you should have made a form 11 return. However I find if you filled in a form 12 now stating this liability they will more than likely not make any fuss about it. You should get an accountant though as it looks like you should sign up for Form 11 self-assessment for this year which means preliminary payments by October 2014. Either way you will need to pay something by Oct 30th this year.

Ooops just saw you are registered for ROS now so you should complete both form 11 and 12 by this October 30th
 
If you earned 5k PROFITS and 10k this year , then you need to first calculate your 2013 tax liability (so tax on 5k). Ros should do this for you. By the end of October this year you'd need to pay this and also preliminary tax which is either 100% of last year's tax, or 90% of this year's. 100% of last year's is less in this case.

If 5k and 10k are your gross income then you'd need to deduct expenses (if any) to arrive at the profit figures. You'd need to be careful here and get advice on what exactly you can or can't deduct.

Edit: Whoops, just realised you only registered this year. You could then file a form 12 this year, and wouldnt need to file a form 11 until next year (and also pay preliminary tax next year too). Or, you could ring revenue and ask to change your registration to last year and file form 11 now. I actually had to do this and they were fine with it.
 
Thanks for your help. I've filed a form 12 for 2013 and it seems that I don't need to file a form 11 until next October.
 
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