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Income Tax Freelancer

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  • 24-10-2018 3:37pm
    #1
    hugh20
    Registered Users Posts: 4 ✭


    Hey everyone,

    Halfway through this year I started to work as a freelancer / contractor for a company and so I registered for ROS and didn't do anything after that.

    When I go to fill out a form 11, the only options I have are for 2017 and the years before it, but I only began work this year. Does this mean I have to wait until next year to be able to pay my income tax for 2018? How does preliminary tax play into this?

    I've been saving up enough to eventually pay the tax but am also unsure of how much I will need to pay and revenue website seems to send me in circles honestly.

    Would appreciate any help / advice you can offer

    Cheers in advance
    Tagged:


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    #2
    hugh20
    Registered Users Posts: 4 ✭hugh20


    Should Also mention that my contract ends in December and After that I will potentially not be working, and if I do ill probably do it under an umbrella company for ease after learning the hard way..


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    #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    The deadline for 2018 is around 14th November 2019. It doesn't allow you to file until around March 2018

    Edit : March 2018


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    #4
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    It's your first time filing so no preliminary tax needs to be paid. When you file in 2019 they will look for preliminary tax for 2019.


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    #5
    hugh20
    Registered Users Posts: 4 ✭hugh20


    Deleted User wrote: »
    It's your first time filing so no preliminary tax needs to be paid. When you file in 2019 they will look for preliminary tax for 2019.

    thank you so much for the reply! So next year I file a form 11 and pay that, then pay preliminary tax on top of that at the end of the year?


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    #6
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    hugh20 wrote: »
    thank you so much for the reply! So next year I file a form 11 and pay that, then pay preliminary tax on top of that at the end of the year?

    Well if you are not working for your self in 19 which you will know by the time you file you can choose to pay no preliminary tax. The thing about preliminary tax is that it must be equal to or more than 90%of the tax due for 19 or 100% the tax due for 18. Which ever amount is lower. If you are not going to earn anything self employed in 19 you can opt to pay no preliminary tax as zero is the lower amount.

    You will only run into difficulty if you have underpaid preliminary tax.


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    #7
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Also forgot to mention if you are turning over more than 37500 you have to register for and charge vat.


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    #8
    hugh20
    Registered Users Posts: 4 ✭hugh20


    Deleted User wrote: »
    Well if you are not working for your self in 19 which you will know by the time you file you can choose to pay no preliminary tax. The thing about preliminary tax is that it must be equal to or more than 90%of the tax due for 19 or 100% the tax due for 18. Which ever amount is lower. If you are not going to earn anything self employed in 19 you can opt to pay no preliminary tax as zero is the lower amount.

    You will only run into difficulty if you have underpaid preliminary tax.

    Oh okay perfect! Thank you so much for the info, you've saved me a lot of hassle


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