Taxing income from hobby

J

Jordan Belfort

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I am a PAYE worker but already fill in a form11 due to rental income. I sometimes make some money from a hobby guiding tours and would like to be tax compliant. After expenses for insurance etc, that are solely used for the income generation, I scarcely make €400 profit.

Just wondering if entering this on form11 do I have have to show sample accounts etc. What are the minimum fields I would need to fill in.

Total revenue would be maybe €1000, expenses maybe €600 and net profit €400.

Thanks
 
You could just add the € 400 net income to form 11, section F, line 412 Income from sources not shown elsewhere

I would keep receipts etc to justify how you arrived at the net income in case of an audit - but I can't see Revenue chasing or auditing you for this
 
Where do you put this in if I was filling it online?
I am a paye worker
I have 2000e to declare from consultancy but have about 1800e expenses over the course of the year.
Do I have to make out a set of accounts for this year or can I just fill in this online in profitable income?
 
Do I put it into trading profit section with 2000e income and 1800 expenses or just then declare 200 in the extra non PAYE income.
 
jpd said:
You could just add the € 400 net income to form 11, section F, line 412 Income from sources not shown elsewhere

I would keep receipts etc to justify how you arrived at the net income in case of an audit - but I can't see Revenue chasing or auditing you for this
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Dusting off old thread but maybe you can answer....If I put this as "income from other sources" on form11 does it add to 'earned income' or 'non earned income'.......
 
T McGibney said:
It's self-employment income and belongs in there.
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Since I finished work this 'hobby' now is my only earned income and will be €3-4k this year. Should I be filling in the self employment section now on form11 or might I continue with the other income section?

As this will be covered by my unused earned income tax credits I would not expect to pay tax, so the accounts should be simple, just fill in the gross amount.
 
Jordan Belfort said:
Since I finished work this 'hobby' now is my only earned income and will be €3-4k this year. Should I be filling in the self employment section now on form11 or might I continue with the other income section?
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I've already answered your question above. It's clearly self-employment income.

You've said yourself that don't even know how they categorise "Income from sources not shown elsewhere" so on that count alone it would be odd to put it in there.

My guess is that "Income from sources not shown elsewhere" means income that doesn't fit neatly elsewhere.

Jordan Belfort said:
As this will be covered by my unused earned income tax credits I would not expect to pay tax, so the accounts should be simple, just fill in the gross amount.
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That's not how a tax return is meant to be completed but don't let me stop you.
 
Thanks @T McGibney , @S class and @ClubMan

Think I'll fill in the self assessed section on form11. Since the income is below what would be covered by 'earned income credits' I don't plan to file expenses etc so I can keep the accounts/return as simple as possible....Yes, I will pay PRSI on income that I could have written off as expenses but I'll be liable to the minimum PRSI payment anyway so it's the same difference I think.
 
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