First tax year as sole trade

[Holger]

Hi everyone,

earlier this year I registered as a sole trader after being made redundant from my old company. I haven't exactly set the world on fire but the trend is upwards and though I still need to occasionally dip into my savings I am confident that I'll be able to properly supply myself with a living over the next year or two. For this year I cannot see that I am due any tax or if so then only a small amount.

I am currently in the process of setting myself up for ROS Online and am awaiting the second letter with the password details from Revenue. In the meantime I was hoping to familiarise myself with the printed version of the tax form I need to fill out but can only find the 2009 11E form. Is this the current one or is there another one for 2010?

Also, I understand that given that this is my first year as a sole trade I don't need to submit tax info until the following year. Should I opt to do this do I need to let Revenue know that this is what I intend to do? If so, is there a form for this? Or can I just not get into touch with them until next year?

Thank you very much for your assistance.

Kind regards
Holger

 

[Eldorado]

If you registered in 2010 your first tax year is from date of commencement to 31st December 2010.

You don't need to do anything this year. The 2010 Form 11 probably won't be available until April or May next year.

As 2010 is your first year of trading you don't have to submit the Form 11 until 31st October 2012 (first year relief). If you only made a small profit or made a loss in 2010 there will unlikely be any tax liability. You may be due a refund of the PAYE you paid in your old job in 2010.

You don't need to inform Revenue.

 

[Holger]

Thanks for your answer, Eldorado. Glad to hear I can wait until next year with the tax reporting and save myself some hassle this year.