First Tax Return

P

paulocon

Registered User
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213
Hi,

Pretty open-ended one here...

I am a PAYE worker who also started doing some work in my spare-time for additional income this year.

This will be my first proper tax return and I am unsure as to what I have to do.

I understand the return must be made 31st October.

Some queries I have.
- What sort of accounts do I need to file (I am setup as a sole-trader, only a small thing at the moment)
- I do some travelling for my additional work (calling out to clients), can I claim petrol expenses for this.
- I had some equipment to buy for the work (camera, scanner as well as stationery etc). Again, can I offset this against my income.
- What forms do I need to file my returns.

I have kept records of all incomings and outgoings but probably need to formalise these...

Any advice would be greatly appreciated.

Regards...
 
First of all, don't panic. The deadline of Oct 31st is for income earned in the year to 31 Dec 2005. If your income was earned in 2006 then a tax return won't be needed until Oct 2007.

You may need to make a preliminary payment but normally these are based on previous year's income - unless you are earning a fortune, you'll can probably wait till next year - give the revenue a ring
 
The " return" is essentially the paperwork. The 31/10/06 deadline involves:

• Preliminary Tax for 2006

• Income Tax balance due for
2005 and complete a Return of Income tax and CGT for 2005

• Capital Gains Tax on gains
01/01/2006 - 30/09/2006

If you use ROS the deadline extends to 16/11/06 but you must pay the tax and and file the return. It takes about a week to register for ROS so don't leave it until the last minute !

I would disagree with jpd's advice to contact revenue - I would recommend contacting an accountant / tax adviser in the first instance.
 
Cheers all,

Like I said, it's only a comparitively small amount of money as I am not up and running too long.

I don't know if the level of money involved would require going to an accountant but maybe it's worthwhile doing this and getting sorted for future years...
 
If you commenced business in 2005 then the first tax return is not due until 31 October 2007.
 
Thanks Joel...

I actually commenced in 2006..

What are my obligations as regards the Oct 31st deadline?
 
Joe1234 said:
If you commenced business in 2005 then the first tax return is not due until 31 October 2007.
Click to expand...


I commenced business in May 2005 and am in the process of filing returns with ROS due by 17th November 2006. Apparently I need to pay for May to December 2005?
 
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