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Self employed & PAYE

  • 04-07-2010 11:05pm
    #1
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,498 ✭✭✭


    What do i do when it comes to tax when im acting as a sole trader but also working full time in a paye job.

    Im not currently trading.

    At most year one profit is going to be <5k.

    I plan on registering a business name with cro.ie

    What needs to be done to declare any profits made?


Comments

  • #2
    boatbuilder
    Registered Users, Registered Users 2 Posts: 624 ✭✭✭boatbuilder


    When you register a company name, you must do up a set of accounts for the company. This will give you a net profit (or loss) on which you will have to pay tax (or get a refund of tax already paid via your paye stuff).

    Easiest way to do all this is with the revenue online service. You have to fill out a Form 11 online, and put in your PAYE tax and pay from your P60, as well as your self-employed income. The system then works out what you have to pay or get back.

    Make sure you put in medical expenses and claim the paye tax credit to reduce your tax bill!

    I'm in the same situation.


  • #3
    martinn123
    Registered Users, Registered Users 2 Posts: 2,300 ✭✭✭martinn123


    boatbuilder wrote: »
    When you register a company name, you must do up a set of accounts for the company. This will give you a net profit (or loss) on which you will have to pay tax (or get a refund of tax already paid via your paye stuff).

    Easiest way to do all this is with the revenue online service. You have to fill out a Form 11 online, and put in your PAYE tax and pay from your P60, as well as your self-employed income. The system then works out what you have to pay or get back.

    Make sure you put in medical expenses and claim the paye tax credit to reduce your tax bill!

    I'm in the same situation.


    I think you are slightly mixing up two seperate issues.

    On CRO you can register a Business name, say You T/a YourBusiness. It costs e20.00. You can use the registration doc's to open a bank account in business name.

    Your tax year ends 31st Dec, and you have to file & pay before following Oct 30th, you would include your P60 income in this filing, medical expenses etc, and pay or get a refund. I would recommend using an accountant.

    Seperately you can register a Ltd Co. this costs more and profits will be taxed in normal way, however if its a loss you cannot offset against P60 income.

    If your income from self employment is around 5k, expect to pay an accountant a few hundred to do your returns, worth it in the long run


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