soletrader2019
Registered User
- Messages
- 2
Hi,
I'm starting up as a sole trader from start of August. I'm a bit confused as to how tax payments (PAYE, USC etc) work being self-employed. I've researched it online but I'm still confused as to the whole preliminary tax thing so I hope someone can just clarify things for me. I've registered with revenue and my business year will be the same as the tax year. My question is when will my first tax payment be due and in what form?
Do I make a return this October 2019 involving tax for the 2019 tax year and a preliminary estimated payment for tax year 2020? Or will my first return be October 2020 with payment for all tax due for 2019 and a preliminary payment for my 2020 tax bill? The second option is my understanding of it but not sure that I don't have to do anything this year.
Thanks in advance.
I'm starting up as a sole trader from start of August. I'm a bit confused as to how tax payments (PAYE, USC etc) work being self-employed. I've researched it online but I'm still confused as to the whole preliminary tax thing so I hope someone can just clarify things for me. I've registered with revenue and my business year will be the same as the tax year. My question is when will my first tax payment be due and in what form?
Do I make a return this October 2019 involving tax for the 2019 tax year and a preliminary estimated payment for tax year 2020? Or will my first return be October 2020 with payment for all tax due for 2019 and a preliminary payment for my 2020 tax bill? The second option is my understanding of it but not sure that I don't have to do anything this year.
Thanks in advance.