Tax hassle on minor additional earnings

K

keepon

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My problem is that I am a PAYE taxpayer who has got stuck doing a bit on the side. A tax return will now be due this year, and I want to minimise the grief, with which I am sorely familiar, having run a part-time business some years ago. The principal reason for discontinuing the business was the headache of tax and associated record-keeping!
Last year, I took on a bit of freelance consultancy work and received a modest €2,000 or so for it. It was more of a hassle than it was worth: I did it out of a sense of obligation to a third party. (I also did some work as a favour in the UK over recent years, with 'income', taxed in the UK, amounting to just a few hundred pounds.)
The freelance work has grown a little this year, and now that the economic climate has turned I'm reluctant to ditch it, but I really cannot afford to spend any time looking at self-employed tax. It seems to be to be either-or: either you are pure PAYE, or you are self-employed.
My question: is there any way I can avoid becoming 'self-employed'? If not, is it economic to consult a tax advisor in order to gain tax reliefs (I have no specific expenses other than household)? Or should I just swallow my pride, cut my losses, and pay income tax at the top rate? Any advice greatly appreciated.
(Note: this thread seems to be related, but it doesn't answer my specific question)
 
Surely not a lot of hassle involved. Fill in form TR1 to register as self employed then submit a tax return every January as soon as you received your P60. On the return you put the income from the job, your self employed income and claim the allowances again which were notified to you on your notification of allowances. We would charge €363 to do a return of this type - assuming no problems. Dont contact me I do not reply to PMs.
 
simplyjoe said:
Surely not a lot of hassle involved. Fill in form TR1 to register as self employed then submit a tax return every January as soon as you received your P60. On the return you put the income from the job, your self employed income and claim the allowances again which were notified to you on your notification of allowances. We would charge €363 to do a return of this type - assuming no problems. Dont contact me I do not reply to PMs.
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FYI: Within your profile, from left menu select 'Edit Options' from within Settings & Options, then in the Messaging & Notification section configure as required.
 
Put it on your PAYE return under other income and pay the 41% and health levy, (if you are over PRSI ceiling already) You can phone your local revenue office who are more than willing to help you pay tax on extra income with the minimum of hassle.
 
Thanks for that.
If, say, I were to accept a little hassle, if only so that on principle I am not totally fleeced by those friendly tax people, would I be able to claim self-employed allowances against such meagre income? Or would they laugh me out of it or alternatively investigate me for tax fraud?
 
I too am in a similiar boat and looking for guidance. I am PAYE but earned an additional 12k through consultancy work. On the form12 I assume i put under the "INCOME FROM A TRADE or PROFESSION" and put the full 12k as the net income??.
 
kev53 said:
I too am in a similiar boat and looking for guidance. I am PAYE but earned an additional 12k through consultancy work. On the form12 I assume i put under the "INCOME FROM A TRADE or PROFESSION" and put the full 12k as the net income??.
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You can deduct relevant costs from the 12k and put in the net amount.
 
I have some minor costs to put against it. But it is the right location to declare this income on the Form12, isn't it??
 
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