kublai
Registered User
- Messages
- 1
Hi all,
Wondering if anyone could help with the following.
I started selling a product on amazon in Jan 2020 and have made side income of around €3,000 since I began trading..
I haven't registered as a sole trader in Ireland. I am registered for UK VAT, as is a requirement for distance selling.
I would like to get my ducks in a row to pay income tax on the aforementioned €3k so wondering if the following is right:
1. Notify:
As I'm a PAYE earner and my side income is <€5k, I'm not a chargeable person so self assessment is not required. However, I need to notify Revenue by going to MyAccount > Manage my Tax > Add Extra Income > Declare & Submit.
2. Pay:
Work out the tax owed for 2020 and pay before Oct 31st
3. Return
Make a Form 12 (if asked?) the following year in 2021 to explain the extra income
Thanks!
Wondering if anyone could help with the following.
I started selling a product on amazon in Jan 2020 and have made side income of around €3,000 since I began trading..
I haven't registered as a sole trader in Ireland. I am registered for UK VAT, as is a requirement for distance selling.
I would like to get my ducks in a row to pay income tax on the aforementioned €3k so wondering if the following is right:
1. Notify:
As I'm a PAYE earner and my side income is <€5k, I'm not a chargeable person so self assessment is not required. However, I need to notify Revenue by going to MyAccount > Manage my Tax > Add Extra Income > Declare & Submit.
2. Pay:
Work out the tax owed for 2020 and pay before Oct 31st
3. Return
Make a Form 12 (if asked?) the following year in 2021 to explain the extra income
Thanks!