Please advice on how do i do my own taxes???

I work in full time employment, my tax and prsi is done by my employer. I have just started a part time cleaning job in the evenings which i am been paid through the bank. How do i register so that i can pay my tax on this at the end of the year. Its only 5-6k extra a year and between both jobs i'm still under the 20% tax bracket. Is it even worth declaring?

bogartsqueen said:

I work in full time employment, my tax and prsi is done by my employer. I have just started a part time cleaning job in the evenings which i am been paid through the bank. How do i register so that i can pay my tax on this at the end of the year. Its only 5-6k extra a year and between both jobs i'm still under the 20% tax bracket. Is it even worth declaring?

Click to expand...

File a Tr1 Form(Download from revenue site) I would declare. Do Accounts at your year end and deduct any expenses to get taxable income.

In future file a tax return with self employed plus paye employment added together.

If this is a self-employment contract you register on Form TR1 which can be found here :-
www.revenue.ie/en/tax/vat/forms/formtr1.pdf

You should be declaring it. Remember any expenses wholly and exclusively incurred in the course of the self-employment may be deducted before paying tax/prsi.

I don't think the OP mentioned being self-employed in her part-time job. It appears to me that she has two PAYE jobs. If this is the case she simply needs to ring the tax office and inform them of her new job giving them the employers Reg. number and starting date, and requesting a split of the SRCOP and perhaps tax credits

I will be self employed in the part time job. I will have to give in an invoice etc. Will i reveive a registeration number when i register. I am assuming I wont be charging vat??? Do i register as a sole trader?

bogartsqueen said:

I will be self employed in the part time job. I will have to give in an invoice etc. Will i reveive a registeration number when i register. I am assuming I wont be charging vat??? Do i register as a sole trader?

Click to expand...

Should register as a sole-trader When you file Tr1- They will issue number- normally same as present paye/prsi number.

No need to vat register.

Thanks.

Will any of this effect my current full time job?

OP, do not register as a sole-trader. The majority of your income will have tax / PRSI / levies deducted at source.

Simply fill in the additional income on your Form 12 when doing your tax returns and declare it as untaxed income - the P21 balancing statement will make take care of additional deductions / refunds.

Now is a good time to ensure your taxes are up to date for the last 4 years.

Registering as self-employed gains you nothing, you may lose certain social welfare entitlements and you will end up having to make additional returns and preliminary tax payments.

See dozens of previous threads on this topic.

As to whether it has an effect on your current job, check your contract.

okay mathepac, i have never done any tax returns before, my fulltime employer does that under the paye scheme. So if i dont register as a sole trader can I just leave it and then when October comes can I just declare the income then and pay whatever tax i owe.

OP, every tax-payer is obliged to file a tax return in October for the preceding tax year (Jan to Dec). The fact that your employer is calculating your tax each week / month does not mean you are paying the correct tax, as there may be certain allowances / credits you are entitled to that you are not receiving e.g. rent, union dues, fixed expenses, etc.

Your employer is only aware of the credits as notified by the Tax Office - if you don't claim, your will overpay tax. On the other side, if you have erroneously been granted credits you are not entitiled to (as happened to me after my divorce) you may under-pay tax and the longer this continues the bigger the problem gets.

If you are still unsure talk to the tax office (I have found them very helpful) or a tax advisor (costs are tax deductible once they are registered).

Okay so this is what i'll do,
File the TR1 form, then in Oct send off a form 12,I've only started the parttime work this week so in October 09 is it only 2008 i am declaring?

I've never sent off a tax return form.....I could be in the money

If you earn more than €3,174 non PAYE income (your €5-6k would exceed this limit) you need to complete a form 11, not form 12.

I'm going to be getting the exact same amount of money every week from my partime job so the tax amount will be the same. Can I pay this online weekly instead of having to pay it in bulk at the end of the year. Plus seen as I have just started the job this week, will I be filing a tax return in Oct 09 for what I have earned from Jan or will it be Oct 2010 I file 2009 taxes?