Very Small Business

jreanor

Hi everyone.

Firstly I am a full time student and will be starting my third level education next semester.
About a year and half ago, just after I turned 17, since it was(and still is) almost impossible to get part time work for students in the current climate, I decided to use my computer skills to earn some extra cash. I put an ad in the local paper and began offering computer repair and website development services. I was delighted with the extra pocket money.
At the time somebody(although I can't recall who), told me that since my income was below a certain level I would not have to register for tax.
My total revenue since I started has not exceeded €2000.

Recently I have become concerned that I may have been wrong in not registering the business.

I apologize if this is an extremely obvious question but could somebody please shed some light on my situation..i.e am I in the wrong and if so, how can I rectify it.

I would sincerely appreciate any help.

Thanks,
James

dormant_co_acc

Hi James

Anyone operating in a self-employed capacity needs to register that business with Revenue. Even though it was just a bit of pocket money, you were/are obliged to register.

Go to http://www.revenue.ie/en/business/running/registering-tax.html and download Form TR1. Complete it and submit it to your local Revenue office. The list is here: http://www.revenue.ie/en/contact/index.html

You can register retrospectively from when you started trading.

Given that your income was only €2,000, you wouldn't have to pay tax or PRSI but Revenue do require that the income is disclosed on the tax return.

You started "about a year and half ago" which is about Jan 09 so the submission deadline for the return of 2009 income is 31st October 2010 so I don't think Revenue will be kicking your door down anytime soon :-)

dbran

Hi

For a business the size you suggest, registering as self employed would be OTT in my humble opinion.

You might be better off completing a form 12. There will be no tax to pay anyway as it should presumably all be covered by tax credits.

Kind Regards

dbran

jreanor

Thanks dbran and dormant_co_acc for the advice.

dbran, could you please explain what this form 12 consists of or where I could go about obtaining one?

dormant, actually the date I started was December '08. Does this change my situation with the revenue?

Thanks again for your help.

delllat

you can dowenload those forms from the revenue site i think