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How do I pay tax?

  • 25-11-2009 2:45pm
    #1
    taxquestion
    Closed Accounts Posts: 2 ✭


    I setup a website recently and I'm making a small bit of money on it - about €1000/year, selling advertising space.

    Should I pay tax on this or is it too low for them to be interested? :o

    Anyway how would I go about paying tax? I'd like to keep it all above board so if there was a simple online form and payment system I could use to send a specified percentage of my income to that'd be nice and handy!

    One last question... if it just profits I pay the tax on or the whole thing? Eg if I take in €1000 on advertising and the site costs me €100/year to run.... do I pay tax on the €1000 or €900.

    Thanks for any help with this!! ;)


Comments

  • #2
    TaxingTimes
    Registered Users, Registered Users 2 Posts: 145 ✭✭TaxingTimes


    You pay tax on your taxable profits.
    Taxable profits = Gross income less tax deductible expenses.

    Your expenses would include things like:
    Cost of domain registration
    Web hosting costs
    Paypal (or similar) costs
    Computer costs (capital allowances)
    Other admin costs - software, stationery, ink cartridges, bank charges etc.

    It is likely that you are not making much of a profit.

    If profits small you can declare them on a Form 12 at the end of the year.

    If you have no other income, not likely to be any tax liability.

    If you are married and jointly assessed, you need to declare your own and spouse's income on tax return.


  • #3
    taxquestion
    Closed Accounts Posts: 2 ✭taxquestion


    TaxingTimes wrote: »
    You pay tax on your taxable profits.
    Taxable profits = Gross income less tax deductible expenses.

    Your expenses would include things like:
    Cost of domain registration
    Web hosting costs
    Paypal (or similar) costs
    Computer costs (capital allowances)
    Other admin costs - software, stationery, ink cartridges, bank charges etc.

    It is likely that you are not making much of a profit.

    Thanks! Yeah I'm not making much profit, about €900 a year, but a nice bonus for a student.
    TaxingTimes wrote: »
    If profits small you can declare them on a Form 12 at the end of the year.

    i'll look that up
    TaxingTimes wrote: »
    If you have no other income, not likely to be any tax liability.
    No I've no other income, I'm an umemployed student.
    TaxingTimes wrote: »
    If you are married and jointly assessed, you need to declare your own and spouse's income on tax return.

    Not married.


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