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VAT returns

  • 04-11-2010 8:02am
    #1
    kingofslaves
    Closed Accounts Posts: 393 ✭✭


    I registered my business in February and also registered with the revenue. I didn't register for VAT as I won't earn enough. I'm on the BTWEA scheme, so I keep my benefit and whatever I earn for the first year, then 75% of my benefit plus earnings for the second year. The question I have is do i have to do tax returns even though I have earnt very little since February ? Also what do I include if i have to do them ? spendings, benefit, earnings etc ?
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Comments

  • #2
    maddogcollins
    Registered Users, Registered Users 2 Posts: 998 ✭✭✭maddogcollins


    As you say you are not registered for VAT, then you will not have to file a VAT3 (Vat return).

    However, regardless of your income level for 2010 you will have to file a tax return. As you are self employed your trade results for 2010 are not due to be filled until 31st October 2011. You may have to however pay prelim tax now (should have been paid on or before 31 October).

    You will need to do accounts i.e Income less expenses allowable to get your profit. This is what your tax will be calculated on. You will also need to include the benefits you received on the return.

    As you are self employed you will need to file a Form 11.

    Have a read of this : http://www.revenue.ie/en/tax/it/leaflets/it10.html#section6

    Hope that helps a bit.I would advise you to speak to an accountant if you are trading to help you file your returns.


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