deadline for submitting accounts as self-employed

E

esperanza2

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When do self employed have to submit their accounts? I read that the closing date for online declarations is October 31, but I thought that the tax year ran until December, so shouldn't it be in December ??
 
Hi,

Yes the tax year does run to 31st December as you rightly point out, however income tax returns due by 31st October 2007 to the Revenue relate to the 2006 Tax year not 2007.

Jockey
 
Note that if you commenced trading in 2006, you do not have to submit returns for 2006 and 2007 until October 2008. You may have to pay preliminary tax this year. You shold get an accountant for professional advice.
 
esperanza2 said:
When do self employed have to submit their accounts? I read that the closing date for online declarations is October 31, but I thought that the tax year ran until December, so shouldn't it be in December ??
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The date for online filing of returns is actually a little later, November 17th each year. I suppose it's an incentive to try and get people to use the ROS system.
 
i regristered as a sole trader in september 2006, but i dis not begin to work until january 2007. Could any one tell me, do i have to do returns this year or do i wait until next year?
 
the mai rose said:
i regristered as a sole trader in september 2006, but i dis not begin to work until january 2007. Could any one tell me, do i have to do returns this year or do i wait until next year?
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Yes, you will have to file a return for the trading period of sept - dec 06. This is due by Oct 31 '07, or a little later if you are registered with ROS (www.ros.ie)

This is presuming you are using the calendar tax year of Jan-Dec. You could do a 12 month tax year staring in Sep'06-Aug'07, your choice - (personally, i think the Calendar Jan-Dec is better..)

Even if you did not trade until Jan 07, you must still submit a return, as it will show up as outstanding on revenue's system, and you'll be getting reminders etc. Just file the return with a 0.00e income etc.

For Next year, your accounts should run from from 01 Jan 07 - 31 Dec 07, so therefore your return will be due on/by 31 Oct 08.


PM me if you require further assistance, or if you have any other questions
 
Thanks for your reply jeepers. it was very helpful. Do you think it would be okay to do these myself, instead of paying a lot of money for an accountant? Im really only building up the business now
 
Hi

Can anyone confirm the last date for ROS returns is it the 15th of 16th of Nov.?

Thanks


Bedlam
 
If you commenced trading in 2006 does the exemption not apply to paying preliminary tax for 2006 at 31st October 2006?
I was under the impression you'd pay your taxes in full for 2006 on or before 31/10/2007 and pay your preliminary tax for 2007 (100% of 2006's liability or 90% of 2007's projected, whichever is lower?)
If I am wrong, is there any harm cashflow aside in paying early as I commenced trading in 2006 and have now settled 2006 and 2007's tax bill?
 
Andy Doof said:
I commenced trading in 2006 and have now settled 2006 and 2007's tax bill?
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You cannot have settled 2007 tax bill yet. The minimum 2007 payment for 2007 is either 100% of 2006 or 90% of the ultimate 2007% liability. The paper return & payment date for 2007 Pay & File is is 31/10/2007, the ROS online payment & file date is 15/11/2007. The ultimate 2007 liability will not be known until the 2007 year is filed which cannot be until after the 31/12/2007. If you pay for 2007 on the basis of 2006 100% then any surplus or deficit will be settled on filing the 2007 return which cannot be until after 31/12/2007.
 
Sorry, but slightly confused by the above.

(1) If the company started trading in Oct 2006, does the Oct-Dec 2006 accounts have to be settled by October 2007,

OR

does the 2006 and 2007 accounts have to be settled by 2008?

Apologies if I have completely misread this.
 
outspann said:
Sorry, but slightly confused by the above.

(1) If the company started trading in Oct 2006, does the Oct-Dec 2006 accounts have to be settled by October 2007,

OR

does the 2006 and 2007 accounts have to be settled by 2008?

Apologies if I have completely misread this.
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You say "company" do you mean self-employed sole trader or limited company ? Limited companies have different time scales for filing than sole-traders
 
outspann said:
Limited Company
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Then the details in the original post ( which I believe related to sole-trader self-employed) have no relevance to your situation.

Companies must pay Preliminary Corporation Tax by 21st of month preceding the year end month. Balance of Corporation Tax is due by 21st of ninth month after the year end. Corporation Tax Return is due by end of ninth month after year end.

e.g. company year end 31/10/07
Preliminary CT due 21/09/07
Balance CT due 21/07/08
CT Return due 31/07/08

Revenue send out Preliminary CT notices in advance of the due date but it's always best to check with the company's external accountant/auditor.

Separately, the company also has filing obligations with the CRO.
 
Graham_07 said:
Corporation Tax Return is due by end of ninth month after year end.

Balance CT due 21/07/08
CT Return due 31/07/08
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Is the Corporation Tax return not due by 21st of the 9th month, the same day as the balance is due? Is that not what "pay and file" means?
 
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