Income Tax offset PAYE?? - Revenue OnLine

L

L0llip0p

Registered User
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92
Hi,

I registered as sole trader near end of last year and I'm trying to put my taxes in through ROS at moment but I'm a little confused.

It was a slow start so in effect I'm at a loss of about 2000 for my first year. I did receive a PAYE income in 2007 also.

So I registered for income tax (self-employed) for ROS but when using the application I've noticed that the loss from my startup is not offsetting against the tax I would have paid on my PAYE income. The ROS application seems to ignore the loss.

Please correct me if I'm wrong. From what I've read, I thought that a loss made from self-employed income could be offset against a PAYE income which should result in less tax and therefore possible a refund of a certain amount (albeit small).

I've been trying to get my head around the fact that the ROS application appears to ignore anything other than a profit in the self-employed section which can't be right if I'm correct above.

I'm sure someone much wiser than I can help with this one.

HELLLLLLPPP :)
 
You need to tick the box beside the following sentence on the ROS Form 11 self-employment income page

If you wish to elect to set any loss in this trade made in the year 2007 against your other income under Section 381 TCA 1997, enter the amount of the loss. Election to be made on or before 31/12/2009
 
ubiquitous,

Not that I see it, I don't know how I kept missing it.

Thanks for your help. You have preserved my sanity :)
 
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