Form 11 help!

boatbuilder

Hi,

I'm filling in my loooong overdue form 11 tax return and I have some questions.

My situation is....

I'm a paye employee but I also have a small sole trader business.

Let just say I earned 40000 gross in my paye earnings for a certain year.
In the same year, my business made a net loss of 6000 euro.

What tax implications does this have? Can I claim anything back from the paye tax that I already paid for that year? I also have capital allowances to take into account on a van and I'm not sure how to deal with it.

If someone could give me some pointers on these issues, that would be great!!

Thank you so much...:)

David

swanvill

Hi Boatbuilder,

Based on the information that you have supplied

You can use your losses from your business against your PAYE income.

You can also increase the amount of your business losses by your unused capital allowances. (page 4 section 112)


In section 114 (pg4) you would enter the toal of unused capital allowances & business loss here.

if you have any doubts at all, I suggest that you ring your tax office.

Regards,
Swanvill.

boatbuilder

Thanks a million for your help!:)

My business is actually training people how to use accounts systems (Sage) but there is a good bit I don't know about the tax return end of things!