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New sole trader, need urgent tax advice!!

  • 12-10-2007 11:13am
    #1
    his holiness nb
    Closed Accounts Posts: 2 ✭


    Hi, I've been operating since August as a sole trader as a courier.
    I'm ok with the bi-monthly tax returns but dont know where to start with the income tax returns. I've a few basic questions.

    When working out profits should I be counting outgoings versus income WITHOUT tax added on?
    Also regarding income, should I only include the amounts actually received, or invoiced but not recieved?
    AND......I'm trading since August 07, when do I need to do my first income tax return? I've heard rumours that you need to pay estimated tax for the year ahead, is this true?
    Also I heard oct 31st is the last date for returns, is this just for 2006?

    Sorry for all the questions, would appreciate your help!!!


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Bi-Montly returns? In what?

    As regards Income tax returns for a sole trader the deadline is October 31 for the period 1 Jan 2006-31 Dec 2006. if you've been trading since August 2007 your first return is not due 31 until October 2008.

    Preliminary Tax paid will not apply in your first year of trading and in general its a corporation tax mechanism.

    So take from here till next October to familiarise yourself with the obligations. If in doubt ring your local Revenue office.


  • #3
    Baby4
    Closed Accounts Posts: 1,407 ✭✭✭Baby4


    This post has been deleted.


  • #4
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    That's a corporation tax mechanism.

    For sole traders the statement of practice SP-IT/2/91 deals with the payment of preliminary tax in the first year. Basically as the liability for the previous year would have been nil a perliminary tax payment is not required. When the liability is reviewed after the year end the actual income arising in the year of assessment is included in the review of the liability and the tax is payable by October 31 in year 2.


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