Sole Trader Tax Return

B

Bray086

Guest
I got a bit of free lance work in May last year. keeping things official I registered as a Sole Trader. As it turned out I only got about 4 days work and that was the end of it. I forgot completely about filing a tax return assuming I would get some sort of reminder. So now I see I should have sent a preliminary in payment last October. Is this a big deal - could I be fined???. Inclined to bury my head in the sand about the whole thing as I earned so little. .....
 
If you didn't have sole trader income in 2008 then you should be ok. For preliminary tax, you have to pay either (i) 100% of your previous year's liability or (ii) 90% of your current year's liability. If 100% of your prior year's liability (2008) was zero, then there was no preliminary tax payable. You do need to do a return for 2009.
 
Provided you do an income tax return before 31 october you should be fine.
 
so I dont need to worry then. but need to get my finger out before October....Thanks a million
 
You could get your finger out now and file the return and have it all tee-ed up by October:) I promise to do that myself every year & when I do manage to get the return squared away (you still don't have to pay until October, or November if you've registered for ROS), it's a real load off, I can tell you.
 
You must log in or register to reply here.
Back
Top