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Should I pay tax on my hobby?

  • 23-06-2010 8:30am
    #1
    anamcarame
    Closed Accounts Posts: 139 ✭✭


    I am a PAYE employee. However, I do have a side line which could be considered a hobby. I offer complementary therapies which I get paid for. It is very small scale and I only operate from a room in my home. I earn about 2K per year from it but I also spend about that in courses and supplies. Should I register for tax? Is it income I need to declare? I have kept all my receipts to show I spend quiet a lot on it. Also as I am using a room in my home for it are there implication regarding business rates with the council. The room is also used as a family room.


Comments

  • #2
    Slasher
    Registered Users, Registered Users 2 Posts: 400 ✭✭Slasher


    If you get paid for it, it's not a hobby. All income is taxable and must be declared. It may turn out that you have no tax liability due to the costs you may be able to offset, but it must be declared.


  • #3
    anamcarame
    Closed Accounts Posts: 139 ✭✭anamcarame


    Grand so, I thought as much even though others have been saying it was fine. I would much rather be legit than have to look over my shoulder all the time. How do I do this. I don't want to ring the tax office until I am informed of the best option and process. Which form do I need? I presume I need to have all the documentation in order. I have an excel sheet of all appointments and money paid. Will they look for this?


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