Sole trader taxation?

[QCI]

Hi all,

Sorry for posting such a silly question...

I have been set up as a sole trader for a year and half now, only trading for 4 months now. I am not registered for VAT as I am nowhere near earning enough yet.

The business i have, has a very very low turnover at the moment. I have a steady job and my business is an extra income for me.

It is basically a type of vending machine venture.

At what point do I start paying tax on earnings?

I have 2 of these vending machines and they are located in a shopping centre. I share the income 50/50 with the shopping centre management.

Do I pay tax on the 100% or just the 50% that I receive?

 

[KDA man]

You only pay tax on the 50% you recieve

You are required to do a tax return for the 2009 year. This is due 31st Oct 2010.

Tony
www.kdaaccountants.ie

 

[mathepac]

You only pay tax on the 50% you recieve ...

I don't want to get into splitting hairs here but did you mean to say that OP pays tax on (100% - (50% + any other allowable expenses)) as otherwise there is a big chunk of his receipts and expenditure not accounted for?

 

[KDA man]

thank you and that's right and no hairs out of place.