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Can I pay tax on a nixer through my credits?

  • 04-02-2011 12:49pm
    #1
    batman1
    Registered Users, Registered Users 2 Posts: 605 ✭✭✭


    Hi,

    I am a PAYE worker earning 60k. In 2010 I done a nixer and was paid 1600 euro for it. I know nothing about sending in returns etc, but a colleague told me that instead of registering as self employed just for this once off time, I could get my credits adjusted to reflect the extra income, hence saving hassle.

    Can anyone help me on this? Is it a matter of ringing up my local tax office and having it done?

    I am assuming I would be paying 41% of the €1600.

    Any info is appreciated.


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    I think its simpler than that. Just do an end of year tax return and declare the 1600 euro. Enclose a cover note if you want them to adjust your tax credits.

    There are certain exemptions up to 2500 euro, but that might only be for PRSI.


  • #3
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,077 ✭✭✭3DataModem


    Yes as above poster said just do a tax return and include that as income from "other sources". yes you'll pay 41 plus possibly a bit of prsi.

    Fair play for declaring it... many wouldn't.


  • #4
    batman1
    Registered Users, Registered Users 2 Posts: 605 ✭✭✭batman1


    Thanks for the replies.

    Is it difficult to fill out these? I have never done one so bit of a noob! Alaways been PAYE.

    Is there a guide online anywhere?


  • #5
    dingding
    Registered Users, Registered Users 2 Posts: 4,940 ✭✭✭dingding


    www.revenue.ie/en/tax/it/forms/form12.pdf

    This is the appropriate tax form/


  • #6
    G-Money
    Closed Accounts Posts: 8,199 ✭✭✭G-Money


    Just wondering about this myself. I'm thinking of setting up a small business to sell some stuff online but I'm currently a PAYE worker so the small business thing would just be part-time.

    Would filling out that P12 form and declaring the amount I made at the end of the year be enough? Having looked at the form, it's quite complex and I'm not even sure what parts I'd need to fill out.

    Not sure if it's possible to be a PAYE worker but also be registered as self-employed or having a business at the same time? :confused:


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