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Form 12 - Maximum NET non-paye income?

  • 13-04-2010 10:37am
    #1
    GeorgeBailey
    Registered Users, Registered Users 2 Posts: 1,187 ✭✭✭


    I work in a full-time paye job. Since last year I've also been doing some part-time non-paye work.

    I got in touch with revenue about getting this extra money taxed and they added my estimated net income to my tax credits form. When I do my tax return for 2009 this year that should be fine as my net income was less than 2k.

    However, I have the opportunity this year to make probably around 5k. I've read threads on here and askaboutmoney that say the maximum net amount you can make is roughly 3k. Does anyone have a definite source on that from the revenue site.

    All I can find is this
    which, as far as I can tell anyway, only mentions a max GROSS income of 50k.

    Also does anyone know what allowable expenses I can write off against the gross amount to get my net profit. The work I'm doing is wedding videography so I've been presuming that things like cameras, editing software and general equipment would be allowable expenses?

    Thanks for any light anyone can shed on this.


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    If you are earning only a negligable amount of additional income then you can arrange to pay your taxes through the PAYE system. You still have to return a figure for this additional income on Form 12. The benefit of being a Form 12 person is that you are not subject to self assessment and will not be penalised if you are late filing your tax return in October with a surcharge.

    If the additional income is more then a negligable amount, or if your gross income (sales) before any deductions is greater then €50k then you are subject to self assessment and must complete Form 11. Negligable amount is generally deemed to be around the €3k mark. I cannot find where it says this amount on the revenue website so this is just from memory.

    As regards what you can deduct, any item that is wholely and necessarily incurred in the course of your business is deemed to be a legitimate expense.

    However you would need to run through the potential list with your accountant to be sure.

    Kind Regards


    dbran


  • #3
    GeorgeBailey
    Registered Users, Registered Users 2 Posts: 1,187 ✭✭✭GeorgeBailey


    Hi,
    Thanks for the reply. Very helpful.
    I have now got a page on the revenue site that gives the net amount - 3174. Here's the link for anyone else that may need it:
    http://www.revenue.ie/en/practitioner/tax-briefing/62/tb05.htm

    Thanks again.


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