Hi All
I have had a look around the posts and can't see a clear answer for my question, hope someone can help clarify.
I am a PAYE earner with a Salary of Circa €80k+. I have also recently set up as a sole trader for a services based business, where I run classes. So I need to pay tax on the additional income I make, but as an incremental income. Most of the info I can find on revenue is for either PAYE or a business, not much info on the combined set up, even though I assume its common enough.
I see under revenue "myaccount" I can add additional income, it seems up to €5k, above this needs to be entered into "Ros" however I cannot find clear details as to what is included in this €5k. There is nowhere to add details on the income, expense details so I assume its a net figure - my net for this year is zero.
My question is how do I know/confirm what to declare as income (i.e. after expenses if I cannot find out which expenses are deductible)? Am I correct that I have 0 additional income?
Not sure if that makes sense - but for example - ytd:
Expenses.
Training course - €990
Flights Accom - €400
Insurance €600
Equipment €500
Advertising €300
Hall Hire €800
Earnings
€1500
In reality I have no net income to add, but it wont let me do that and I don't feel comfortable not adding anything as it appears then as if I just ignored the requirement to declare.
Next year I will be ramping up a little and the figures would be more like - Exp €3k, Income €9k, so i'll need to register for Ros it seem - however I was hoping to buy a car and avail of capital allowances to reduce that figure. So that's another question on the feasibility of that?
thanks for any guidance
50&O
I have had a look around the posts and can't see a clear answer for my question, hope someone can help clarify.
I am a PAYE earner with a Salary of Circa €80k+. I have also recently set up as a sole trader for a services based business, where I run classes. So I need to pay tax on the additional income I make, but as an incremental income. Most of the info I can find on revenue is for either PAYE or a business, not much info on the combined set up, even though I assume its common enough.
I see under revenue "myaccount" I can add additional income, it seems up to €5k, above this needs to be entered into "Ros" however I cannot find clear details as to what is included in this €5k. There is nowhere to add details on the income, expense details so I assume its a net figure - my net for this year is zero.
My question is how do I know/confirm what to declare as income (i.e. after expenses if I cannot find out which expenses are deductible)? Am I correct that I have 0 additional income?
Not sure if that makes sense - but for example - ytd:
Expenses.
Training course - €990
Flights Accom - €400
Insurance €600
Equipment €500
Advertising €300
Hall Hire €800
Earnings
€1500
In reality I have no net income to add, but it wont let me do that and I don't feel comfortable not adding anything as it appears then as if I just ignored the requirement to declare.
Next year I will be ramping up a little and the figures would be more like - Exp €3k, Income €9k, so i'll need to register for Ros it seem - however I was hoping to buy a car and avail of capital allowances to reduce that figure. So that's another question on the feasibility of that?
thanks for any guidance
50&O