M
munstermike
Guest
OK, bit of background...
I'm a PAYE worker on the higher rate of tax and have also been running a free website for enthusiats since start of 2007. In my head I had seen it as providing a service to those in this particular niche and not as a profit making enterprise. Not yet anyhow.
However, later in 2007 and the years since, I've had some revenue in the
form of banner advertising. The total revenue received are relatively small ie (1,500 - 2.5k total per year). From looking at the various costs of running the site, I would owe no tax '07, '08 and a small amount last year
(€100-200 approx).
Problem, I find myself in due to my own ignorance (no excuse of course), it
that I didn't file any additional tax returns for those years. This is something I'm not comfortable with and would like to sort out.
My main concern is around penalties. From what I can gather I would have
to pay a max of €1200 for the late filings and then a % of any tax owed.
Is this correct ?
By the way, I do plan to get with an accountant in the next few weeks.
Thanks for any advice.
I'm a PAYE worker on the higher rate of tax and have also been running a free website for enthusiats since start of 2007. In my head I had seen it as providing a service to those in this particular niche and not as a profit making enterprise. Not yet anyhow.
However, later in 2007 and the years since, I've had some revenue in the
form of banner advertising. The total revenue received are relatively small ie (1,500 - 2.5k total per year). From looking at the various costs of running the site, I would owe no tax '07, '08 and a small amount last year
(€100-200 approx).
Problem, I find myself in due to my own ignorance (no excuse of course), it
that I didn't file any additional tax returns for those years. This is something I'm not comfortable with and would like to sort out.
My main concern is around penalties. From what I can gather I would have
to pay a max of €1200 for the late filings and then a % of any tax owed.
Is this correct ?
By the way, I do plan to get with an accountant in the next few weeks.
Thanks for any advice.