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Earning Extra Income from Website

  • 11-09-2008 10:56am
    #1
    Zubes
    Closed Accounts Posts: 16 ✭


    I was wondering about the tax setup for earning extra income via advertising on website while still maintaining a daily job.

    If a website is currently for hobby use but want to use the extra income so it can maintain itself, do I need to declare this as extra earnings?

    How would I go about adding these earnings to my tax bracket on top of my job?

    I was thinking that all income needs to be declared, so I can't just pay for the website personally and then use the supplemental income to pay for it.

    Will I be fined if I don't declare a business before I make income from the advertising?

    Generally, I would like advice on what to do?

    Should I wait for my hosting to expire, register a company, a company bank account and then use this to pay for my hosting with the income from advertising to pay for this? This way I can claim expenses?

    Cheers


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    How much income are we talking about here- will affect the decision tbh.

    You may have to register as a sole trader- don't go company route- pain in the ass tbh. Just file a form 11 with the income included in it and you'll be grand.


  • #3
    Zubes
    Closed Accounts Posts: 16 ✭Zubes


    SetantaL wrote: »
    How much income are we talking about here- will affect the decision tbh.

    You may have to register as a sole trader- don't go company route- pain in the ass tbh. Just file a form 11 with the income included in it and you'll be grand.

    Well, ads are a minimum amount so less fuss is best. Is there any procedure to go about registering as a sole trader, or is that optional - and just fill out Form 11 annually?

    Thanks.


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