Self Employed Question

Fukuyama

Hi,
I'm sorry if this question has already been net to death already on this forum but I looked and could not find anything spot on. Her it goes..

Today, I just finished my leaving cert and will be starting work by myself. Since 2008 I have been doing freelance writing/journalisim from home for money and now that I'm leaving school I'm told I'll have to pay tax (have to start sometime I guess). Anyway, revenue.ie may as well be written in a secret code. I was hoping if someone could give me a hand on a couple of the below topics (also, naming the forms I'll have to fill in would be a plus;)

1. Do I have to register as self-employed??
2. I read on revenue.ie that self employed people have to pay a sum of money before a tax year based on their predicted income. Does this apply to me as it's my first year??
3.I'm pretty good at maths, accounting that kind of thing. Is it possible with a week or two hard graft that I could do it all myself (ie. without an accountant)
4. Can I claim expenses? I know you cant claim stupid thing, but say my laptop broke and I had to buy a new one for work or office supplies such as printer ink etc...)
5. is there an annual income cut-off whereby I wouldn't have to pay tax??
and finally...
6. Thanks to anyone who read this and replied;)

As I'm sure you can imagine and have probably experienced, going from the protected environment of a classroom to a rainy day in October when the government asks me for a few thousand quid is quite a leap

Best,
Dean.

dbran

Hi Dean0088

First of all good luck in your new venture

1) Yes. Load down form tr1 and complete it and send it into revenue.
2) Your preliminary tax payment in the first year would be zero. It only kicks in in year 2
3) Yes there is quite a bit you can do if you just write up your books on excel etc. Whether you would be able to do it all (and get it right) is another matter. Bear in mind there is a cost to getting it wrong, not just a mark with a red pen:D
4) Yes
5) Yes - for self employed it €9150
6) Your welcome;)

DB

Fukuyama

Dbran! Thank you so much! that has helped me out a lot

one last thing - what exactly is the procedure for claiming expences, is there a particular form where I simply list them out??

oh and does anyone know (on the tr1 form) what status I am. It doesnt seem to say 'self employed to much'. It says 'sole-trader'. Do i have to register as a business????

tnx!

dbran

Hi

You will have to do up a set of accounts to get your profit. Then make the necessary adjustment to get your taxable profits and then file your tax return.

You would be classified as a sole trader and register your business with the revenue.


DB