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Paying tax as sole trader - help please!

  • 20-10-2018 4:25pm
    #1
    Claire6
    Registered Users Posts: 31 ✭


    Hi,

    Wondering if someone could help..

    I'm working full time but last year 2017 I set up a small side business as a sole trader.

    I'm trying to find out do you need to make a certain amount before you need to have to file and pay tax on it with Revenue? As I set it up late last year and was starting out I only turned over €500 ish, none of which was profit. Made a loss do to the expenses of setting up the business.

    Do I need to still file and pay tax on this does anyone know?

    Thanks in advance!


Comments

  • #2
    wiggle16
    Moderators, Society & Culture Moderators Posts: 3,022 Mod ✭✭✭✭wiggle16


    You can just complete a Form 12 on myaccount if you have any income to declare. If you don't, you don't need to do anything for now.

    If you make over €5000 from your sole trading in 2018, then you will need to register for income tax under self assessment and file a Form 11 tax return via ROS in 2019. If it's under €5000, then you complete a Form 12 on myAccount and declare it there.


  • #3
    spoiler
    Registered Users, Registered Users 2 Posts: 38 ✭spoiler


    Do declare it has you may be able to offset against your PAYE income or if it is a continuing trade you can offset the loss against future profit.


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