Tax Returns

D

djman

Guest
HI All,

I'm a mobile DJ and have been registered for tax since jan 08 so i will be doing my first tax return this year.

OK I really don't have much of a clue on this but what I've been told is basically income minus expenses (depreciation, diesel etc.) and I pay 20% tax on the profit.

This is what the revenue themselves have told me to do.

What I'm wondering is, my friend WAS self employed and did his first year tax return. From some bad advice he only paid his VAT and not income tax. He now has 11g to pay out.

Am I correct in what I'm doing with paying 20% on my profit so to speak??? Or do i have to do a vat and income account.

God I'm even more confused now.
I can't afford an accountant and will be operating at a loss for last year

Any help or advice????
 
1) Are you registered for VAT. If so then you should know what to do with VAT returns and if you don't know you need someone to help you. If not registered then you should be registered if your income (sales) exceed €37,500 in a 12 month period.

2) Are you registered for Income Tax self-assessment . If so then you have to file a Form 11 each year. If not you need to register on form TR1

3) Tax and PRSI/Levies are based on income minus allowable expenses. The tax does not solely run to 20% but may run to 41% depending on income.

You really need to speak with someone familiar with returns and tax if you are so unsure about the situation. You say you cannot afford it, you really cannot afford not to. The potential penalties from a mess up are too high.
 
Would agree with Graham - You can't afford not to speak to someone.
Accountants ae not all that expensive - I am one and so I know.

Its only if you go to the bigger firms that they get expensive
 
Thanks for the replies.

I'm not Vat registered and like you say graham my income won't exceed the 37,500 so I presume i don't need to be registered.

I'll see if i can get on to the citizens advice and see if i can speak to one of them.

I'm not sure about being registered for self assessment. I was only told by the revenue that I'm registered since Jan 08. I presume that's what this is.

My tax levy won't go to 41% so I don't seem to be too far off the mark I hope

Thanks Again
 
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