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Self Assessment Tax Return

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  • 23-03-2013 2:39pm
    #1
    millymash12
    Registered Users Posts: 123 ✭✭


    Hi

    Im a PAYE employee, and registered also as a sole trader for a small online business I run on the side. I am 7 months late for my income tax return for the last 3 months in 2011 for my small business. The side business only started trading in june 2011 and I have kept putting off my tax return. My side business barely broke even in 2011. I am in the process now of completing my tax return for 2011, and 2012. Will I have to pay any penalties for 2011? Cheers


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    #2
    Ecce_Agnus_Dei
    Banned (with Prison Access) Posts: 70 ✭✭Ecce_Agnus_Dei


    Get your return in. That's the most important thing.

    Revenue may or may not come after you. Your chances of being audited increase the longer you leave it.

    I'd say you'd be fine if you just get it in ASAP. It's just a side business. It would be different if you had turnover of €100,000s.


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    #3
    clarkey1980
    Registered Users Posts: 73 ✭✭clarkey1980


    millymash12 wrote: »
    Hi

    Im a PAYE employee, and registered also as a sole trader for a small online business I run on the side. I am 7 months late for my income tax return for the last 3 months in 2011 for my small business. The side business only started trading in june 2011 and I have kept putting off my tax return. My side business barely broke even in 2011. I am in the process now of completing my tax return for 2011, and 2012. Will I have to pay any penalties for 2011? Cheers

    As this is a commencement case the filing date for your 2011 return is extended to 31.10.13. No penalties


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    #4
    viztopia
    Closed Accounts Posts: 770 ✭✭✭viztopia


    I would have to say that you are wrong in saying that the first return date is 31/10/2013. Under the TCA97 s66 for Commencement years, for the first tax year the taxable profits are from the date of commencement to the following 31 December.
    clarkey1980 wrote: »
    As this is a commencement case the filing date for your 2011 return is extended to 31.10.13. No penalties


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    #5
    clarkey1980
    Registered Users Posts: 73 ✭✭clarkey1980


    viztopia wrote: »
    I would have to say that you are wrong in saying that the first return date is 31/10/2013. Under the TCA97 s66 for Commencement years, for the first tax year the taxable profits are from the date of commencement to the following 31 December.

    I would have to say that you are wrong :D The filing deadline is extended to 31.10.13 as it is a commencement case. 2011 and 2012 tax returns are due by this date. I never mentioned taxable profits


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    #6
    Farotz
    Registered Users Posts: 22 ✭Farotz


    Hi all,

    I am a PAYE employee and was thinking about investing a small sum on Linked Finance (the recently-founded Irish peer-to-peer lending platform). The only thing holding me back is that, in order to pay taxes on the interests that I would (hopefully) earn, I would have to start submitting annual self-assessment tax returns, which I have never done before.
    I have therefore a few questions in this respect:
    - Should I include in the self-assessment return form also my PAYE income?
    - If so, is this going to affect somehow my PAYE taxation (i.e. would my employers find out through payroll about my investment)?
    - Also, the Revenue website seems to suggest that all those going through self-assessment must pay a Preliminary Tax by October of every (?) year. Any idea of this how should work in my case?
    Thank you


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    #7
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    You can return income from this using the standard PAYE form http://www.revenue.ie/en/tax/it/forms/form12.pdf see section 18.
    Your employer does not get this detail.
    You will pay the due tax on 31/10/2015 for 2014 income, plus the prelim tax for year 2015.


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    #8
    barneystinson
    Registered Users Posts: 4,683 ✭✭✭barneystinson


    Peterdalkey wrote: »
    You can return income from this using the standard PAYE form http://www.revenue.ie/en/tax/it/forms/form12.pdf see section 18.
    Your employer does not get this detail.
    You will pay the due tax on 31/10/2015 for 2014 income, plus the prelim tax for year 2015.

    Spot on, except no Prelim tax for Form 12 filers.


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    #9
    Farotz
    Registered Users Posts: 22 ✭Farotz


    barneystinson wrote: »
    Spot on, except no Prelim tax for Form 12 filers.

    Thank you both,

    Form 12 seems pretty straightforward, considering that I would have to fill just a few sections of it.
    However, I can't find on the Revenue website anything about this exemption of Form 12 filers from Preliminary Tax.

    I would assume that in these cases taxes on unearned income are always paid a posteriori, i.e. one submits Form 12 for the previous year, and then Revenue informs him of how much I has to pay?


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    #10
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    I won't stick my head out on this one, but there is a simple solution. Give revenue a call and they are really helpful in advising as to exactly what you need to do in your case. Just call your own PAYE unit on the number on your form. They genuinely try to help complient tax payers will give you definitive advice.


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    #11
    Farotz
    Registered Users Posts: 22 ✭Farotz


    barneystinson wrote: »
    Spot on, except no Prelim tax for Form 12 filers.
    Peterdalkey wrote: »
    I won't stick my head out on this one, but there is a simple solution. Give revenue a call and they are really helpful in advising as to exactly what you need to do in your case. Just call your own PAYE unit on the number on your form. They genuinely try to help complient tax payers will give you definitive advice.

    That's wise advice, but what form do you refer to?


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    #12
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    Farotz wrote: »
    That's wise advice, but what form do you refer to?

    Form. 12 as per link but just give Revenue a call to get the definitive advice. Ours are but opinions, their views are the ones that count!


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    #13
    Farotz
    Registered Users Posts: 22 ✭Farotz


    Peterdalkey wrote: »
    Form. 12 as per link but just give Revenue a call to get the definitive advice. Ours are but opinions, their views are the ones that count!

    I see no phone numbers on Form 12, but now I know you meant the general Revenue contact, so I'll find it alright.


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    #14
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    Farotz wrote: »
    I see no phone numbers on Form 12, but now I know you meant the general Revenue contact, so I'll find it alright.

    You will have your specific unit number and contact number on any of the forms from Revenue such as Tax Free Allowances etc etc.


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    #15
    PlanBee
    Registered Users Posts: 27 ✭PlanBee


    I am just wondering how much minimum wage a self-employed person can pay himself on quarterly payment basis:
    8.65 euro*40 hours a week=euro 1384*4 = euro 5536 per year is Gross pay,
    then minus 4% prsi (5536*0.04=221.44 euro, no paye tax, so net pay = 5314.56 euro, or 1328.64 = net pay himself every quarter

    is that correct?


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    #16
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    Please start a new thread for this and do not drag up old irrelevant threads.


This discussion has been closed.
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