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Ok im self employed and working PAYE , any forms i have to get myself ?

  • 12-08-2009 4:20pm
    #1
    Eric Cartman
    Registered Users, Registered Users 2 Posts: 26,280 ✭✭✭✭


    right I have a VAT number and am self employed, i just buy and sell goods and i claim no income out of the business, the money just sits there building up

    im also employed PAYE which i use to fund my daily living

    i get a VAT 3 form every 2 months for my sole trader business and i received a self assesment form due in october to declare my income etc.. for 2008

    is there anything else i have to fill out for either of my jobs or will they post me out anything i need to fill out ?


Comments

  • #2
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    Eric Cartman wrote: »
    i claim no income out of the business, the money just sits there building up?

    You say you claim no income, is it that you leave the money in the trade (assuming it is not a company you own) that builds up over time?

    Unfortunately for sole trader, whether you take it out is irrelevant, you are taxed on the profits so when you say u have no income from it, this is incorrect.

    What will go in your self assessment form in October is the profit from the business over the 12 month accounting year (or over a different period if it is your first year of trade). Do you have a set of accounts prepared?


  • #3
    Eric Cartman
    Registered Users, Registered Users 2 Posts: 26,280 ✭✭✭✭Eric Cartman


    i have my vat returns and i have how much profit ive made, ive claimed no expenses on it and dont plan to , so i dont have to send anything except fill out my earnings from my self employed business and my PAYE job in in october, i dont have to do anything else correct ?


  • #4
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    yeah thats it unless you have any other sources of income such a deposit interest/rental income/dividends.

    I would suggest claiming some expenses against your profit (ie you must have incurred some non-product costs eg bank charges, motor expenses, print/post etc) (forgot to ask what your trade is so i can't be more specific here;)) as you will be taxable at your marginal rate of tax which could be as high as 46% for 2008 on the profit you made in the sole trade.

    Don't forget to claim any medical expenses you have also against your tax, esp for 2008 as it is the last year allowable at the higher rate


  • #5
    Eric Cartman
    Registered Users, Registered Users 2 Posts: 26,280 ✭✭✭✭Eric Cartman


    Legend100 wrote: »
    yeah thats it unless you have any other sources of income such a deposit interest/rental income/dividends.

    I would suggest claiming some expenses against your profit (ie you must have incurred some non-product costs eg bank charges, motor expenses, print/post etc) (forgot to ask what your trade is so i can't be more specific here;)) as you will be taxable at your marginal rate of tax which could be as high as 46% for 2008 on the profit you made in the sole trade.

    Don't forget to claim any medical expenses you have also against your tax, esp for 2008 as it is the last year allowable at the higher rate

    cheers, so the october return and my vat returns are the only things i have to worry about ?

    also i have a car its 50/50 used for buisness and personal use , can i claim anything on that like diesel costs or anything ? also if i was to buy some stock (computers etc) in december this year could i use that to offset the amount of tax i pay on my business income next year ?


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