Question about additional Income.

T

TomPetty

Registered User
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Hi Folks,
I am a PAYE worker in the private sector earning 70K a year.
I am now in the fortunate position whereby I am now receiving additional money in the entertainment sector. ( Just recently )
I would anticipate that it will amount to about 3500 Euro a year.
My questions are :

1. How should I go about declaring this additional Income to Revenue ?

2. I have travel expenses as a result of providing this entertainment - Can I subtract that from what I declare ? How much of it ?

3. I have needed to purchase some equipment to get this up and running - Again can I subtract this from what I declare or does this need to be spread out across many years ?

Many thanks for your input,
Tom.
 
pending some clarification from the practicing accountants on the forum I would give the following response:

  1. prepare accounts for the business (keep receipts for associated income/expenditure) Small level of income so accounts could be prepared by yourself. Include the net income on your tax return for the year. Revenue on line can be used for this. I.e. This would also include your P60 PAYE income.
  2. Yes. keep receipts. associated petrol expenses etc are allowable. All expenses are allowable provided that they are directly related to the business activity.( ask a friendly accountant if you are unsure!).
  3. If this is capital equipment (amps- instruments decks etc) then it is allowable but only at 15% pa.
 
Thanks a mill Brendan for your reply.
Should I be setting myself up as a Sole Trader / Limited Company / Self Employed ?

That's interesting about the 15 % PA for equipment - Does the same apply to Diesel for example or can I expense all Music related mileage ?

Kind Regards.
 
Do I need to set myself up as a Sole Trader in order to do this or can I just do it via ROS System ?

Many thanks.
 
I am confused by this also! My additional income (rental) after deductables comes in under the EUR 3,174 so I think I am not a "chargable person" and therefore can just use the Form 12

over that amount I think you are a chargable person and need to get a TR1 form to sign up for ROS.

Does anyone know if this is correct?
 
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