T
TaxingTimes
Guest
Hello,
I would like to make an unprompted qualifying disclosure for a small amount of income for a couple of years in the recent past. This is side income from a website; my main income is through PAYE (so already taxed). I have paid tax on this extra income through a Form 11E for 2008 and 2009 already.
I was wondering if anyone could help me with a few questions on this. Firstly, I'm using the revenue's spreadsheet (available from here: [broken link removed]) provided for figuring out tax due, statutory interest, and penalties. I have updated this sheet slightly to do statutory interest calculations for post-2005 (or I think I've done this correctly; the interest rate doesn't seem to have changed since the sheet was published).
So, if, for instance, I'm filling in income for 2007 (earned between January and December 2007), should I put this in the 2007 field? I assume that this is the case, but I just want to be sure I'm not confusing things with the whole preliminary tax issue (and it would greatly effect statutory interest due).
I assume that legitimate costs in earning the income may NOT be deducted when making one of these declarations? This isn't a big deal, anyway; costs were pretty small. I also assume that the highest rate of tax must be paid even if PAYE income (already taxed, of course) + other income comes in under the high band?
Finally, what is the procedure for doing this sort of thing? Should I just submit Form 11s for the relevant years on ROS? Do I need to tell the Revenue that I'm doing this in advance? Or would I be better off seeking advice from an accountant? If so, would any old accountant be able to deal with this sort of thing, or is some sort of specialist required?
Thanks for any help.
I would like to make an unprompted qualifying disclosure for a small amount of income for a couple of years in the recent past. This is side income from a website; my main income is through PAYE (so already taxed). I have paid tax on this extra income through a Form 11E for 2008 and 2009 already.
I was wondering if anyone could help me with a few questions on this. Firstly, I'm using the revenue's spreadsheet (available from here: [broken link removed]) provided for figuring out tax due, statutory interest, and penalties. I have updated this sheet slightly to do statutory interest calculations for post-2005 (or I think I've done this correctly; the interest rate doesn't seem to have changed since the sheet was published).
So, if, for instance, I'm filling in income for 2007 (earned between January and December 2007), should I put this in the 2007 field? I assume that this is the case, but I just want to be sure I'm not confusing things with the whole preliminary tax issue (and it would greatly effect statutory interest due).
I assume that legitimate costs in earning the income may NOT be deducted when making one of these declarations? This isn't a big deal, anyway; costs were pretty small. I also assume that the highest rate of tax must be paid even if PAYE income (already taxed, of course) + other income comes in under the high band?
Finally, what is the procedure for doing this sort of thing? Should I just submit Form 11s for the relevant years on ROS? Do I need to tell the Revenue that I'm doing this in advance? Or would I be better off seeking advice from an accountant? If so, would any old accountant be able to deal with this sort of thing, or is some sort of specialist required?
Thanks for any help.