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First Year Taxes - Small business

  • 23-08-2017 4:31pm
    #1
    Phil1969
    Registered Users Posts: 240 ✭✭


    Hi Guys,

    I started a small sole trader business in November 2016 (I registered as starting then as well) and I was wondering when I need to file my tax returns? I expect to earn around 7,000 euros per year. I work from home and it is my only job so no paye.

    I thought I had to fill in a tax return by October 2017, but I am a bit confused with it all as I was reading on the boards I may not need too? I also need to have my accounts certified for various things and I thought it would be an idea to have a registered accountant fill in my tax tax return and then I can hopefully get my accounts certified at the same time.

    I would appreciate any advice and also if anyone know roughly how much a registered accountant will charge for this.

    Thanks in advance.


Comments

  • #2
    Loughc
    Moderators, Business & Finance Moderators, Recreation & Hobbies Moderators Posts: 24,996 Mod ✭✭✭✭Loughc


    The rule is "If you have recently commenced an income activity that qualifies you for self-assessment, you have until the filing deadline of the second year to submit a tax return. It’s advisable to file tax returns on time to avoid any surcharges, interest or penalties."


  • #3
    Phil1969
    Registered Users Posts: 240 ✭✭Phil1969


    Loughc wrote: »
    The rule is "If you have recently commenced an income activity that qualifies you for self-assessment, you have until the filing deadline of the second year to submit a tax return. It’s advisable to file tax returns on time to avoid any surcharges, interest or penalties."

    Thanks Loughc for that information. Do you happen to know what "certified accounts" means? It needs to be by a registered accountant but would taxes need to be actually filed before they could certified?

    Thanks again


  • #4
    Loughc
    Moderators, Business & Finance Moderators, Recreation & Hobbies Moderators Posts: 24,996 Mod ✭✭✭✭Loughc


    Phil1969 wrote: »
    Thanks Loughc for that information. Do you happen to know what "certified accounts" means? It needs to be by a registered accountant but would taxes need to be actually filed before they could certified?

    Thanks again

    Technically anyone can file a self assessment form and accounts but you'd always be better off using an accountant/tax expert to maximise every benefit.


  • #5
    Phil1969
    Registered Users Posts: 240 ✭✭Phil1969


    Loughc wrote: »
    Technically anyone can file a self assessment form and accounts but you'd always be better off using an accountant/tax expert to maximise every benefit.

    Thanks Loughc for the tip.

    Can anyone recommend a registered accountant? I live in Wexford town if that makes a difference.

    Thanks Phil


  • #6
    Loughc
    Moderators, Business & Finance Moderators, Recreation & Hobbies Moderators Posts: 24,996 Mod ✭✭✭✭Loughc


    Phil1969 wrote: »
    Thanks Loughc for the tip.

    Can anyone recommend a registered accountant? I live in Wexford town if that makes a difference.

    Thanks Phil

    Stick an auld request in here and I'm sure someone will come to your aid;

    http://www.boards.ie/vbulletin/showthread.php?t=2056252817&page=13


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  • #7
    Phil1969
    Registered Users Posts: 240 ✭✭Phil1969


    Loughc wrote: »
    Stick an auld request in here and I'm sure someone will come to your aid;

    http://www.boards.ie/vbulletin/showthread.php?t=2056252817&page=13

    Thanks again Loughc for your advice.


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