Income Tax

BigBus

Please someone help me!

I am self employed and I try to fill up Form 11 by 31st of October. What income I should state as profit assessable? the gross or the the amount without taxes deducted by the employer? I am talking about line 105-108 of the form.

Much appreciated.

smcgiff

You mention you are self employed, but also an employer. Have you received some payments minus withholding tax?

BigBus

smcgiff wrote: »

You mention you are self employed, but also an employer. Have you received some payments minus withholding tax?

Thanks for quick reply.
I must be more accurate. During 2007 I've got some payments for few jobs done to one contractor. For that, I received 'Relevant Contracts Tax Deduction Certificate'. I went to Revenue and they put me to fill up Form 11 and I got stucked right from the start.

On line 105, where I have to put down the Net assessable profit, should I write the gross or net amount received from that contractor? As you probably know, on the that Tax Deduction Certificate is a Gross amount, a net amount and the amount of tax deducted from gross.

I don't know which one to choose from: gross or net?

Thanks

smcgiff

Hi

Definitely gross.

To get refund/credit you must send original RCT deduction Certificates (hope you still got them!!!!) - For cashflow purposes they should be submitted monthly.

Best of luck!

BigBus

Many thanks! It's more clear now...

smcgiff

BigBus wrote: »

Many thanks! It's more clear now...

Glad to be of help

BigBus

Oops, I got another one.....

Should avail the PAYE tax credit or not? I don't know if I am entitle to..

BigBus

... and dont know on which line shd I write the tax deducted by contractor cause line 120(withholding tax) excludes RCTax.

BigBus

ahhhhaaa.....PAYE tax credit is not for self employeds ....mhh...tax discrimination?

smcgiff

BigBus wrote: »

... and dont know on which line shd I write the tax deducted by contractor cause line 120(withholding tax) excludes RCTax.

You don't include it I'm afraid. You'll need to apply for it -They've assumed you have. Best to contact your local revenue office.

Nope - no PAYE credit for you although you did pay some tax as you earned, but generally this is a credit because PAYE workers pay in advance for all of their tax.

Believe me self employed get far better tax breaks than the PAYE workers!

DadaKopf

Not to hijack the thread, but I was PAYE- and self-employed in 2007. I'm attempting to file on ROS.ie but can't understand anything. Less than half my income came from self-employed sources.

Is there anyone who might be able to walk me through the process? Getting stuck on the same section as this person.

Mr. Incognito

God we could be here all day.


Read this:

http://www.revenue.ie/forms/f11notes_07.pdf

You only get a PAYE credit it you pay PAYE. If you are self employed this is not applicable.