paye worker earning some extra money,how to manage this?

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CARRIE.B

Registered User
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hi, i am a paye worker and have the opportunity to earn about €1000 a year separate from my employer/ current job. Just wondering how do I manage this extra money tax wise and vat also? I looked at revenue .ie but couldnt find an answer. Advice greatly appreciated. Thanks
 

would not think any need to vat register.

if only 1k and take off exp to get profit- put on to a form 12

if going to be higher file tr1 and file form11 each year
 
thanks papervalue,
had a look at form 12, looks complicated, i would probably be just filling in section10, earnings from profession and leave sections like tax credits, pension/ prsa contributions blank?
from revenue.ie seems that to register for vat would need to earn more than €37000, if I didnt register for vat, is it correct that when I would be charging/ billing someone that I would be excluding vat from their bill? am a little clueless with these matters, thanks
 
CARRIE.B said:
... if I didnt register for vat, is it correct that when I would be charging/ billing someone that I would be excluding vat from their bill? ...
Click to expand...
Correct; you cannot charge VAT if you are not VAT-registered.
 
CARRIE.B said:
,
had a look at form 12, looks complicated, i would probably be just filling in section10, earnings from profession and leave sections like tax credits, pension/ prsa contributions blank?
Click to expand...

Why don't you write a letter to revenue outlining the income and asking them how you need to record it on your tax return. Send the letter by registered post.
 

You would fill in section 10(Trade income) but also include in paye section your p60 income and claim tax credits and pension etc.

When the time comes to fill in form it is straight forward.

The posters on here should be able to help you fill it in
 
papervalue said:
would not think any need to vat register.

if only 1k and take off exp to get profit- put on to a form 12

if going to be higher file tr1 and file form11 each year
Click to expand...


You will be able to make your returns on a form 12 while your non-paye income does not exceed €3,174 in each year. Only above this amount will you have to register for income tax and file a form 11.
 
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