C
caljane
Guest
Hi all,
I am employed as a nurse but have at times over the past ten years carried short freelance contracts. I have always kept this below the €5k threshold for a full return, and have declared the income and tax owed is then paid through an adjustment to my tax credits.
In 2023 I earned more than expected in freelance work, and duly registered as self employed. I also ended up earning more in my day job meaning all my freelance earning was taxed at the higher rate.
As a result, I ended up with an unexpected tax bill of approx 5k. I also was somehow under the wrong impression that I could file in 2024 and then pay my bill by direct debit without issue. I did file my tax return but have not yet paid.
I have applied for a PPA but don't have the means to pay the 25% upfront requested (I've offered around €600). I've also asked for the extended 60 months to repay. I know this means higher interest but it will give me breathing space.
I have deregistered as self employed and don't intend to ever exceed the 5k limit again!
I am however panicking somewhat about the worst case scenarios if the PPA is declined. Or the implications of the PPA. I feel very foolish and have always tried to be honest with tax and somehow misread guidance about direct debits with revenue and when they needed to be set up.
Any reassurance would be appreciated. I fully understand I'll have to repay in full, just hoping I can stop worrying about sheriff's and attachments and implications for credit worthiness etc.
I am employed as a nurse but have at times over the past ten years carried short freelance contracts. I have always kept this below the €5k threshold for a full return, and have declared the income and tax owed is then paid through an adjustment to my tax credits.
In 2023 I earned more than expected in freelance work, and duly registered as self employed. I also ended up earning more in my day job meaning all my freelance earning was taxed at the higher rate.
As a result, I ended up with an unexpected tax bill of approx 5k. I also was somehow under the wrong impression that I could file in 2024 and then pay my bill by direct debit without issue. I did file my tax return but have not yet paid.
I have applied for a PPA but don't have the means to pay the 25% upfront requested (I've offered around €600). I've also asked for the extended 60 months to repay. I know this means higher interest but it will give me breathing space.
I have deregistered as self employed and don't intend to ever exceed the 5k limit again!
I am however panicking somewhat about the worst case scenarios if the PPA is declined. Or the implications of the PPA. I feel very foolish and have always tried to be honest with tax and somehow misread guidance about direct debits with revenue and when they needed to be set up.
Any reassurance would be appreciated. I fully understand I'll have to repay in full, just hoping I can stop worrying about sheriff's and attachments and implications for credit worthiness etc.