PAYE to self-employed

weebelly

Quick query - I've just finished up a PAYE job and have at least one contract I can begin as a sole-trader/self-employed. As there will be a time lag of a couple of weeks before I can start, I may as well sign on. Any advice on how to manage the transition to self-employed from a tax point of view? Basically, when I am declaring the money for tax will I have to stipulate the time period it relates to, or am I taxed on my overall earnings for the year? The implication of this is that, once I take on a contract of a nominal 20 weeks do I sign off regardless of whether am I actually starting it straight away etc.

Mr. Incognito

When you are self employed you will have to file a return on or before 31 October 2010 taking account of all income from Jan- Dec 2009, including unemployment benefit, PAYE income and self employed income.

This refers:
http://www.revenue.ie/en/tax/it/leaflets/it24.html