Sole Trader First Year

WLA

Hi All,
I am seeking advice please, Apologies in advance for the probably very simple question but I want to make sure.

I registered as a sole trader in Feb of 2017. I have a small part business with a registered business name operating 2-3 evenings a week as a freelance coach. I see myself making about 5000 euro by year end doing this.

I also work full time through PAYE system earning about 38000 euro each year.

My question is this.
Do I have to submit Self assessment this year (oct 31st 2017) or do I wait until next year to submit (oct 31st 2018) for my 2017 earnings? I have found conflicting details online and I want to ask anyone who has done this before for advice.

Thanks in advance

L.Jenkins

Are you registered for Paye Anytime or ROS?

adrianw

As a new sole trader you have until the filing date of year 2 to submit tax returns for year one and two.

Therefore, for 2017, you tax return will be due in October/November 2019.

Kevin Murphy

adrianw wrote: »

As a new sole trader you have until the filing date of year 2 to submit tax returns for year one and two.

Therefore, for 2017, you tax return will be due in October/November 2019.

Not sure if that's just a typo there, but it's wrong anyway. Your 2017 year's return is due by Oct 31st 2018 if by paper (but who does that any more?) or mid November probably if online.

The reasons I say 'probably' is that they announce it year by year if they're giving an extension of 2-ish weeks to people, to try get everyone doing it online.

Bottom line, you've nothing to do this year, but after Jan 1st, you can submit 2017's details any time until around next Halloween.

PS I'm available for business coaching and consultancy. PM me if you'd like a free Skype call session.

adrianw

Kevin Murphy wrote: »

Not sure if that's just a typo there, but it's wrong anyway. Your 2017 year's return is due by Oct 31st 2018 if by paper (but who does that any more?) or mid November probably if online.

The reasons I say 'probably' is that they announce it year by year if they're giving an extension of 2-ish weeks to people, to try get everyone doing it online.

Bottom line, you've nothing to do this year, but after Jan 1st, you can submit 2017's details any time until around next Halloween.

PS I'm available for business coaching and consultancy. PM me if you'd like a free Skype call session.

No typo on the above.

Perhaps one of the regular contributors to this forum would be so kind as to confirm I am correct.

(I am not a keyboard warrior and I have no issue with people offering an opinion / disagreeing with me however, when poster state on a public forum that I am wrong when I am not, I find it a little rude.)

iluvfatfrogs

Your 2017 Income Tax Return, based on results from Jan-Dec 2017 will be due to be filed with the Revenue Commissioners on Oct 31st 2018.

Not sure why 2019 is being mentioned.

adrianw

iluvfatfrogs wrote: »

Your 2017 Income Tax Return, based on results from Jan-Dec 2017 will be due to be filed with the Revenue Commissioners on Oct 31st 2018.

Not sure why 2019 is being mentioned.

Read Revenue's 'A guide to Self-Assessment part 41-00-28' (last updated June 2017) section 5.5

iluvfatfrogs

adrianw wrote: »

Read Revenue's 'A guide to Self-Assessment part 41-00-28' (last updated June 2017) section 5.5

Technically, you don't have to file the return until 31st October 2019, but you'll have to pay the liability by 31st October 2018, which is the only thing that self-employed person care about.