Help to fill my first Form11

pierojump

Hello there,

for the first time I registered as self employed in 2022, because I have an extra job that pay me more than 5,000€ per year.

Now it's time to fill form11 and I have a few question that I hope you can help me with.

My additional non-PAYE job is as consultant and from this job I don't have any deduction or expenses (at least I don't think I can include anything in the expenses).

1. Should I just include my additional income in my form11, leaving all the other voices at 0€?
2. Once I submit the form, when I have to pay the additional taxes owed?
3. Is it worth to pay an accountant at least 250€ to fill the form, if I have just this extra income to included or I can deal on my own?
4. I have to claim the rent bonus for last year, should I do after the form is submitted?

Thanks in advance.

relax carry on

It's a tax return. All your income along with credits reliefs etc must be declared/claimed. If you are just adding in a single additional source of non PAYE income, then you'll be fine to submit. You complete the sections relevant to you.

https://www.revenue.ie/en/self-assessment-and-self-employment/documents/form11.pdf

The rent tax credit is claimed in the Form11. It might be worth paying the accountant fee for the first year, then use that as a template to do it yourself going forward. Otherwise you might not claim tax reliefs or credits you're eligible for, and cost yourself more than €250.

SureYWouldntYa

1. If you have no expenses of any kind then yes you can leave the expenditure part blank
2. The tax is due on or before November 15th, 2023 if filing online. If you're submitting a paper form then it is October 31st, 2023. You will be able to select the payment date at the last stage after initially submitting the return. I would encourage you to look up the requirements for Preliminary Tax, upon filing your 2022 return you must either pay 100% of the 2022 liability as Preliminary Tax for 2023 or 90% of the expected liability for 2023, Revenue can charge interest on any underpayment of Preliminary Tax although they don't always do this
3. The accountant can look specifically at your circumstances and advise on any applicable expenses that you may not be aware of at the moment, that's where the €250 provide some value for you, the Form itself isn't too complex when you know the sections to fill out, it does appear quite large when you first look at it
4. I presume you mean the Rental Tax Credit, this would be available to claim under the personal tax credits section of the Form 11. Separately you can add it to your credits for 2023 to get the benefit in real time during 2023.