Extra Work and Tax -advice please

N

noel123ie

Registered User
Messages
162
Hi All,

I currently work part-time earning approx 17.500 per year I have now got another part time job(in IT) earning 3000 k over a 3 month period(hasnt started yet).

I also get 15000 in agricultural land rental.

I have been advised to transfer some of my tax credits to this and use an accounting firm who have an no of companies set up for contractors like me-so I do not have the hasstle of setting up a company etc for this 1 job

They also do all returns etc for me for 120 a month which I think is ok

Is this the best way to go from a tax point of with, if I have not supplied all info needed if not please let me know.

Thanks a mill
Noel
 
Personally, I would not pay an accountant 120 pm for something I could do myself.

You could simply return the extra income on your Form 12, when completing your annual tax return.

With your rental income, you are probably already doing a Form 12.

Fairly easy to do, and would save you 120 pm.
 
Thanks

Hi there

Is it as simple as that though?

Nothing else to do just enter amount in that form

Thanks
noel
 
noel123ie said:
I also get 15000 in agricultural land rental.
Click to expand...

Protocol said:
With your rental income, you are probably already doing a Form 12.

Fairly easy to do, and would save you 120 pm.
Click to expand...

Rental income of €15,000 goes way outside that maximum permitted to be handled on F12. Ignoring the IT income, the OP should be filing self-assessment F11 for that anyway.

Some other issues :-
- on the IT there may be expenses to claim against the gross income.
- on the rental income is the OP >40 years of age and is the land rented on at least 5 year agreement? If so tax reliefs may be available there.
 
Thanks

Hi

Im 36 and the land is rented in a 5 year term

Im really looking for the most cost effective way of handing income from IT work-both from a professional fee and tax point of view

I dont mind paying 120 if all is done from me claiming expenses, handling tax and deducting of same

Thanks for all the help
Noel
 
noel123ie said:
Hi

Im 36 and the land is rented in a 5 year term

Im really looking for the most cost effective way of handing income from IT work-both from a professional fee and tax point of view

I dont mind paying 120 if all is done from me claiming expenses, handling tax and deducting of same

Thanks for all the help
Noel
Click to expand...

Are you already filing form 11 for the rental income? ( as above )
 
noel123ie said:
Hi there

My accountant has been filling in my peturn up until now but I presume this is what he has been using or filing it online

Thanks a mill
Noel
Click to expand...

Ok so you have an accountant already. Why not get them to file the additional IT income for you? If the earnings are only €3,000 in the expected 3 month period then your accountant can prepare an Income & Expenditure Account and advise you of what deductions you can make. That can then be filed on the Form 11 ( on Revenue Online ) which is probably what is being done already for the land letting.
 
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