Register as Self Employed?

G

Guest116

Guest
Hi,

I am a permanent PAYE employee and I also do some contract work at weekends. This year I have taken in some money from that contract work and I need to figure out how to go about declaring it to Revenue and paying tax on it.

I think I have to register as Self Employed but do I have to do this right now or can it wait until next year? I think I don't need to pay tax on the income until October 09? I wont be registering for VAT as I will be under the threshold for that.

Any help appreciated.
Thanks
A
 
Put in a tax return and enter your earnings under any other income if you are going to carry on doing contract work then form TR1 to be filled out and sent to youir local tax office. If you are going to be working under a name other than your own you nedd to register as a sole trader with the CRO.
If you have a fair amount of expenses then register for VAT it only means completing a return every 2 months. The return shows amount taken in on VAT amount paid out on VAT either you pay the difference or get the difference back from the VAT man. Otherwise your VAT is part of the business expenses for your annual tax return, and it may well be that you get no VAT back.
 

Sent in a tr1 form now and back date to start date or 01/01/08. File a tax return for 2008 in 09 with self employed for 2008 plus paye income.

if you do up your accounts for 2008 around feb09 you would by them have your 2008 p60- you can estimate your tax due and them budget for amount due.
 
Last edited:
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