I started trading as a self employed person last year, ie July 2004. That means that I had no revenue committments last year. My understanding of my committments re tax compliance this year, is that I must pay preliminary tax for 2005 only.
I have clarified this with the revenue, but now I am getting a little worried (coming up to deadline etc). Someone else has told me that whilst my final return for y/e 31/12/04 is indeed not due until 31/10/06, I may have to make the payment by this deadline. This does not make much sense to me, and further to my discussions with the revenue, I feel I am okay, but!
Does anyone know for definite what the rules for start up situations are? Basically do I need to pay more than just my preliminary tax for 2005 next week?
I have clarified this with the revenue, but now I am getting a little worried (coming up to deadline etc). Someone else has told me that whilst my final return for y/e 31/12/04 is indeed not due until 31/10/06, I may have to make the payment by this deadline. This does not make much sense to me, and further to my discussions with the revenue, I feel I am okay, but!
Does anyone know for definite what the rules for start up situations are? Basically do I need to pay more than just my preliminary tax for 2005 next week?