income tax for self-employed person

MrNuked · 23-10-2003 3:38pm #1

Does anybody have any useful info/links for how to be self-employed? In particular I would like to know about how to deal with income tax.

DaithiSurfer · 23-10-2003 3:40pm

try www.revenue.ie

ur mentor · 23-10-2003 3:42pm

having beenself employed now for 5 years I may be able to help.
u need to hurry up though as you are supposed to have paid all income tax for 2002 by end oct and paid preliminary tax for this year also
send me pm with any specifics if u wish

Terminator · 23-10-2003 3:53pm

Any chance you could post some main points Ur Mentor? I'm self-employed since April and need to know the basics. I know that I have to hand in some things to the tax office in January.

I earn most of my money through web advertising - how do I put this down on paper? Anyone got some links? The revenue site is rubbish.

nahdoic · 23-10-2003 4:22pm

If you only started trading this year - then you don't have to pay preliminary tax until next year.

You will however, before October 31st 2004 - pay all income tax for 2003, and 3/4 of preliminary tax for 2004.

The revenue website is rubbish - yet it wins all these awards. It doesn't even work in opera - just keeps refreshing the page.

Terminator · 23-10-2003 4:45pm

Yeah the whole tax system is so bloody complicated. I went to the library the other day and saw the perfect book on doing your own taxes. It seemed to have all the answers but when I went to take it out - they said it was reference-only.

Looks like I'll have to buy it in Easons.

Figment · 23-10-2003 5:04pm

I seriously could do with some advice in this area too.
Registered the business name and set up as a sole trader. Going for 2 months now and loving it.
Dont know if i will reach the tax limit yet so not registered for vat. What to do about maying my benifits though?
Terminator, what was the name of that book?

Would a good accountant know all this?

Terminator · 23-10-2003 6:17pm

It was a small business manual by one of the enterprise boards. If you contact your local board they may be able to send you one or tell you where its sold.

RicardoSmith · 24-10-2003 10:59am

I thought the "TAB 2003 Guide" - " Money, Pensions and Tax" was very informative. You can buy it in most book shops.

MrNuked · 24-10-2003 2:29pm

Do you have to set yourself up as a business if you are self-employed? If you don't have to start your own business, then are there different taxation rules etc if you don't?

Victor · 24-10-2003 9:34pm

Originally posted by MrNuked
Do you have to set yourself up as a business if you are self-employed? If you don't have to start your own business, then are there different taxation rules etc if you don't?

You will need to register with the CRO www.cro.ie if you are using anything but your own name. Depending on the profile of your business, talk to revenue and ask them what you need to register for.

Cork · 26-10-2003 4:10pm

Keep good records & avoid paying for anything relating to the business in Cash. You'll also have to keep track of our income. Keep a lodgement book. Your profit is simply your income less your expenses.

Any equipment or motor vehicle you are using - you may get capital allowances on.

Keep track of ESB, phone, fuel bills etc.

paulthelegend · 29-10-2003 7:07pm

www.startingabusinessinireland.com

that is brilliant and u can get the book out in the libary but basically its the
"idiots guide to setting up your own business"

also ring the central libary in the Ilac center and they will send you out an information pack about all the webpages n books that help and also twice a year they have a speaker who does a 2-3 day course on starting a business.

I didnt have a clue about tax and vat and all that and now .... i employ someone to do it

he's very good! and not too step either, pm me if you need his details

income tax for self-employed person

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