Paye+rental inc To self-employed-only couple

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Mommah

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I am undergoing a little reality orientation about our new situation, so bear with me if my questions are naive.

Hubby ceased PAYE in November and I am a SAHM.We are jointly assessed already.

We have had a modest rental income and income from other investments which were all declared in the past on top of PAYE income.

1. So now do I have to register as self employed as well as hubby in order to claim my full tax credits on our investment income.

2. Or do I just submit that claim through his self employment thingy on ROS.

3. Is it worth hiring an accountant for a relatively small income...but it is a bit complicated. I am fairly organised once I get it straight what needs to be done.
 
Depending on your definition of "modest rental income" it may be that it should be filed on form 11 anyway which would have been done already on the ROS filing. You can continue to file on ROS for those sources and stay registered there rather than cancelling the self-employed filing and trying to do it through PAYE which might not work given that there is no PAYE income. You do not need an accountant if you are happy that you are competent in filing a full and correct return with all relevant income and claims to allowances/reliefs.
 
By modest I mean that if we are both able to claim our tax credits I don't think there will be a tax liability.

However I'm not sure how my contribution to the tax credit bit,changes in our new reality, I was/am a SAHM, but did get homecarers tax credit...but now I believe I am not longer entitled to that and must claim personal tax credit as a self employed person??? Which I think might suit me better too.
 
With tax credits of €1,830 each and no other income except rents then you could have net rental income after costs of up to €18,300 PA between you and not have a tax liability, that would not be considered modest by Revenue standards and which most definitely should be filed on Form 11.

If ones income from all sources meets the criteria for the home carer credit then one is still entitled to it, husband or wife may qualify depending on the situation.
 
Thanks Graham, I appreciate your input!
www.revenue.ie for some bed-time reading methinks...should cure my insomnia. I wasn't infering that I would not make a return BTW...just that the income was modest!
 
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