Sole trader - paying myself and tax implications

[esperanza2]

Hi, i am also a sole trader for the past year, i do the same, i just take cash from the business account as i need it. Im only a small business, i work about 2 days a week, do you have any advice you could give me regarding doing my returns, do you pay for an accountant? My total income this year was approx 15,000 i just feel with having to pay the tax man and an accountant its a big chunk out of it. I also heard from someone that for the first year in business you do not pay tax, is there any truth in that?

This is a great guide. It has some useful examples that illustrate the theory. I have to refer back to it quite often myself.
http://www.welfare.ie/publications/toiltrouble.pdf

BTW according to this guide:

"You can file your tax return "On-line" to the Revenue Commissioners, if you wish. In fact the Revenue
Commissioners encourage businesses to do this, and usually offer an extension of 2 to 3 weeks after
the October 31st deadline for "on-line" returns."

 

[Megan]

Can a sole trader pay his wife a wage and if so what are the tax issues with same?