Hi
I know this has come up before on this forum and I have been researching it here but am a little confused. I'm a PAYE worker at present and am considering setting up a part-time business where I do some baking. However I'm not clear on the tax requirements.
My understanding is I'll need to register for self assessment as a sole trader by completed the revenue's Form TR1. Then I'll need to keep accounts of my expenditure (ingredient etc) and revenue received from selling my cakes including keeping invoices. After the year has ending and before the 31th Oct I'll need to submitted a tax return to the revenue and include payment of my calculated tax liability including PRSI and USC. Here where I have the questions:
Will my employer still deduct tax for my salary or will I get the gross payment and include this on my tax return?
I don't expect my revenue for the baking to excess 75k so I don't need to register for VAT?
As not registered for VAT I will not charge VAT on sales but will be charge VAT by my suppliers?
I see mention of preliminary tax on the revenue site, how does this work?
Thanking anyone who takes the time to answer my questions in advance.
I know this has come up before on this forum and I have been researching it here but am a little confused. I'm a PAYE worker at present and am considering setting up a part-time business where I do some baking. However I'm not clear on the tax requirements.
My understanding is I'll need to register for self assessment as a sole trader by completed the revenue's Form TR1. Then I'll need to keep accounts of my expenditure (ingredient etc) and revenue received from selling my cakes including keeping invoices. After the year has ending and before the 31th Oct I'll need to submitted a tax return to the revenue and include payment of my calculated tax liability including PRSI and USC. Here where I have the questions:
Will my employer still deduct tax for my salary or will I get the gross payment and include this on my tax return?
I don't expect my revenue for the baking to excess 75k so I don't need to register for VAT?
As not registered for VAT I will not charge VAT on sales but will be charge VAT by my suppliers?
I see mention of preliminary tax on the revenue site, how does this work?
Thanking anyone who takes the time to answer my questions in advance.