First Time Self Employed - Income tax

A

Anna80

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Hi guys,

I hope someone can help me clarify a few points.

I have stopped working as an employee in September '18 and started working as a self employed personal trainer from mid October'18. I have now registered for Income Tax and gotten the ROS access details etc...
My first earnings came in mid-November'18.
I foresee making about 2000Euro a month between all the classes and privates I teach.
My expenses between - renting the premises, transport, insurance and a bit of equipment would be around the 500Euro mark per month.
What would you suggest my next steps to be?
Do I need to send in Form 12? Any others?
Do I need to pay anything monthly or should I put away roughly 25% of what I make to cover my income tax and then pay for the entire oct'18-oct'19 in October?
I won't have any employees and I don't think I will have anything to do with VAT.
Do you think I can pull this off with no professional help?

Please help.

Thank you
Anna
 
Once you are set up on ROS you can do it yourself - see
Your Bullsh*t free guide to self assessment on Taxback.com. It is very easy to follow.
 
It's definitely doable yourself, and once you've done the first one it really is not complex at all. The learning curve is quite steep however, there is a lot of jargon unfortunately!

You could consider paying an accountant to do it for you the first year, just to give you an idea of what is supposed to go in each box, then do it yourself in subsequent years? It might cost you €3-400, but this is an expense so is tax deductible and it's quite likely in your first year that the accountant could end up saving you close to that by telling you about things you can claim for, extra expenses you might not be considering etc.

Either way, the more you can do during the year by tracking all your income and expenditure in a spreadsheet the easier it will be come tax return time, so record everything!

Note in October of 2019 you would be doing a tax return only for October/November/December 2018.

Revenue will also ask you to take a guess at your expected income for 2019 and pay that in advance (preliminary tax).
 
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You can but lot to be said for getting a bit of professional advice at the start, even a one off meeting with someone. Also most local Enterprise boards run Start Your Own Business courses which are very helpful and even if you didn't want to do the full course some do one day Accounts courses. I did one locally years ago and it was a half day of basically how to fill your form 11 online, very useful.
 
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