Grinds... Please help

smile123

I am think of doing grinds on a Saturday (this is the only day i am free due to college) and would charge 20-25 euro. I woulid only take on three students (i.e three hours).
I am wondering what do I do to pay tax? I don't want to end up paying more then I actully earn? Do I pay a rough approximation of what I think I might earn because I don't have any students yet and I may not even get three.
PLease help as I don't want to get into trouble but I would like to do grinds and like I've previously said I don't want to pay more then I actually earn.
Thanks!

Mr. Incognito

Firstly chill out.

Grinds would fall under self employed income. Presuming you are a teacher this would fall under self assessment income and you'd need to file a Form 12- your credits would cover the most of it unless you earn over circa 35K. pm me with details and I'll give you a hand.

smile123

I am a teacher but I am doing a masters. Do I fill out the form even before getting any students?

Mr. Incognito

No- not much point declaring income you haven't received yet is there.

set up the grinds and when you start generating income give me a shout

fraggle79

The best thing to do would be to say nothing and put the money in your pocket.

Its like lads knockin on the door cuttin grass registering for VAT and Income Tax..it just doesnt make sense.

Legend100

i'd be careful about that tho as there was a report the other day about revenue employees going into shops and supermarkets for notices about grinds to find out if they are declaring the income from grinds

variety

Mr. Incognito wrote: »

Firstly chill out.

Grinds would fall under self employed income. Presuming you are a teacher this would fall under self assessment income and you'd need to file a Form 12- your credits would cover the most of it unless you earn over circa 35K.

I'm thinking along the same lines, but a slightly different scenario. Would the previous Form 12 apply to my situation?

Currently PAYE employee earning under 35k p/a. I want to quit and go back to grinds (I've never done it in Ireland before). I want to pay tax.
Would I have to set myself up as a sole trader or could I just keep filling in forms for revenue.

My husband is also PAYE and we are jointly assessed.
Thanks!

dbran

Mr. Incognito wrote: »

Firstly chill out.

Grinds would fall under self employed income. Presuming you are a teacher this would fall under self assessment income and you'd need to file a Form 12- your credits would cover the most of it unless you earn over circa 35K. pm me with details and I'll give you a hand.

Hi Mr Incognito.

Where did you get thus figure of €35k from? If you earn more then 3k of additional income you are subject to self assessment and you need to file a form 11.

Whether you pay tax or not would be based in the individual's tax status, married single, other income etc so I do not believe you can make such a sweeping statement as above as it gives the impression that additional income up to 35k is not taxable.

Perhaps you have not thought out your post and this was not your intention.

Kind Regards

dbran