Form 11 - File Dates

razorhead

I would be grateful if someone can help me here. If I set up in business say in June 2005 as self employed, when is my first form 11 due to be filed?
The accounts will be done up to May 2006. Will these accounts cover income tax for year ended 31 December 2005? and then the accounts to May 2007 cover income tax for year ended 31 December 2006?

Thanks for your help

kluivert

As per the Revenue website.

What income will be included in my assessment?

Your assessment to tax for any year is normally based on your actual income earned in the tax year i.e. from 1 January to the following 31 December.

If your income consists of profits from a trade, profession or vocation, and your annual accounts are normally made up to a date other than 31 December your assessment will be based on the profits of your accounting year which ends in the tax year.

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What accounting date should I use?

It is up to you to decide the date to which you prepare your accounts. You can prepare your accounts from the date your business started to:

The following 31 December (i.e. the end of the tax year)
or

The date which is 12 months after the date on which you started
or

Some other date appropriate to your business.
Most businesses work out their profits once a year, usually to the same date each year, and this is called your accounting year.

If your accounts year end is May 2006, then your accounting year end falls in the tax year 2006.

You have to file a form 11 by the 31st October of the following year.

Your first dead line for the form 11 will be the following 31st October 2007.

You will be required to pay balance of income tax owed for y.e 2006 and pay preliminary tax on account for y.e 2007. Preliminary tax is based on 100% of the current years liability (2006).

I hope that helps.

razorhead

Thanks for that Kluivert. Does that mean then that no return is done/required for year ended December 2005?

Kinetic^

razorhead wrote:

Thanks for that Kluivert. Does that mean then that no return is done/required for year ended December 2005?

Well if you were an employee you would've got a P45 upon leaving so I'd submit that to the revenue and tell them that you didn't work fo the rest of the year. They'll re-calculate your tax for the year in order to utilise all tax credits and hopefully you'll get a nice tax refund.