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Tax On Extra Earnings..

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  • 07-11-2006 4:53pm
    #1
    silverroof56
    Closed Accounts Posts: 14 ✭


    Hi,..sorry if this has been answered a thousand times.
    However,..from 2001 until 2003 I was self employed and earned a modest to low wage.
    I paid tax on what I could,.and I was clear with the tax office for those years.
    Half the problem is my friends father who is an accountant helped me deal with the red tape etc,..for little or no fee.
    For the past two years ..ie tax years 2005 and 2006,.I have given up my self-employment status and have been working for a company.
    Fully paying my tax at the top 42% rate,..ie the company looking after everything.

    I have externally earning approximately 3,000 each year,..but I have'nt made any returns on this.
    How should I treat this situation.

    many thanks


Comments

  • Options
    #2
    XDA
    Registered Users Posts: 946 ✭✭✭XDA


    strictly by the letter of the law, you should declare it on your annual tax return and pay whatever tax is assessed.

    However, while I wouldn't recommend it, many people would keep their heads down and say nothing, if you are otherwise tax compliant your chances of being caught are probably very slim.

    XDA


  • Options
    #3
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    XDA wrote:
    strictly by the letter of the law, you should declare it on your annual tax return and pay whatever tax is assessed.

    However, while I wouldn't recommend it, many people would keep their heads down and say nothing, if you are otherwise tax compliant your chances of being caught are probably very slim.

    XDA
    Sounds very like the advice given to all the 'cute hoors' with bogus non-resident accounts in the 80's. They were all advised that they would never be caught. Now they are facing large bills from Revenue including interest (at punitive Revenue rates) and penalties. Is 'chances of being caught' the only reason for paying your fair share of tax?


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