Side hustle query

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Windowsky

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Hi everyone.

I am all new to this so I am looking for advice. I work in the public sector but also have a ‘side hustle.’ It generally doesn’t earn me a lot of money- earned me 4K last year which I declared with Revenue form 12.

So far this year I have taken on an unexpected project which will earn me just over 6k. I am worried about how I can declare this with revenue at the end of the year, as my understanding is that only up to 5k can be registered using form 12. I don’t want to go down the route of setting up a business as such - purely due to hassle. Is this my only option? Thanks all!
 
A miracle…someone with a side hustle who’s tax compliant! I’d chance my arm and use a Form 12. Worst case you’re compelled to resubmit a Form 11 which isn’t overly onerous. It just means registering via ROS rather than MyAccount.
 
Gordon Gekko said:
A miracle…someone with a side hustle who’s tax compliant! I’d chance my arm and use a Form 12. Worst case you’re compelled to resubmit a Form 11 which isn’t overly onerous. It just means registering via ROS rather than MyAccount.
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Thank you so much for your reply. If I try to enter it on form 12, will it physically let me enter 6k as 5k is the limit?
 
My understanding - Once your net taxable income is under 5K and you are on PAYE you can use form 12/My Account.
You need to bring the profit from your side hustle to under 5K - legitimately spend some of it for items/services solely required for your "business". Think outside the box (PC/printer because I need to print labels, stationary, training, software, postage etc.). Keep record/receipts (important!).
 
bravo said:
You need to bring the profit from your side hustle to under 5K - legitimately spend some of it for items/services solely required for your "business".
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Complete overkill IMHO.

And buying a printer mightn't even work in reducing taxable profit. Especially if it costs a grand.

Windowsky said:
If I try to enter it on form 12, will it physically let me enter 6k as 5k is the limit?
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I can't imagine not.

A tax return program that would block the user from entering the actual amount of an earnings figure would be an immensely dangerous invention.
 
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Register yourself on ROS.
Fill in the online form 11.
It's not that difficult. It's a good learning experience and if you have any questions about filling in the form you can ask for assistance on askaboutmoney.
The form 11 is a very good tax calculation tool and might be useful to you in the future if you are making AVCs.
 
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