Small additional income

Nonoperational

Hi,

I looked around for an answer to this and there are many views on it. Any help would be appreciated,

I'm a locum pharmacist and most of my income is earned through the PAYE system and taxed etc. A small amount (about 6k last year and maybe 2-3k this year as I'm back in college) was paid to me by cheque with no deductions.

I want to declare this and pay tax on it so I was thinking I fill in form TR1 and then pay and file before October 31st and I will be billed for PAYE / PRSI.

Is that an OK way of doing it? I also see form 12 which looks like it might be for me too.

Also I presume all my credits are used up in the PAYE side of things so am I correct in thinking I will have zero credits for the sole trader income?

Thanks

shanemort

Why?

Nonoperational

Why what?


Oh you mean why declare the small extra bit? Because I left invoices so I'd be more comfortable declaring it.

shanemort

gpf101 wrote: »

Why what?


Oh you mean why declare the small extra bit? Because I left invoices so I'd be more comfortable declaring it.

okay So....

ssbob

gpf101 wrote: »

Hi,

I looked around for an answer to this and there are many views on it. Any help would be appreciated,

I'm a locum pharmacist and most of my income is earned through the PAYE system and taxed etc. A small amount (about 6k last year and maybe 2-3k this year as I'm back in college) was paid to me by cheque with no deductions.

I want to declare this and pay tax on it so I was thinking I fill in form TR1 and then pay and file before October 31st and I will be billed for PAYE / PRSI.

Is that an OK way of doing it? I also see form 12 which looks like it might be for me too.

Also I presume all my credits are used up in the PAYE side of things so am I correct in thinking I will have zero credits for the sole trader income?

Thanks

Well you will have to fill out both forms. I will give you more info later.....have to fly now...........

amen

Why?

other wise it is tax evasion and a criminal offense.

Nonoperational

ssbob wrote: »

Well you will have to fill out both forms. I will give you more info later.....have to fly now...........

thanks,

what I meant to say was fill out form tr1 and then form 11 before the pay and file deadline. I'm not quite sure what the form 12 is for. I have posted away my TR1 today to get the ball rolling.

ssbob

gpf101 wrote: »

thanks,

what I meant to say was fill out form tr1 and then form 11 before the pay and file deadline. I'm not quite sure what the form 12 is for. I have posted away my TR1 today to get the ball rolling.

What you have said is correct.

Form 12 is for employees only ie. PAYE earners with no additional schedule E income(income derived from working as a sole trader or the likes). But people need this to document earnings from overseas investments etc.......

Form 11 can be done online, probably easier this way, once you get confirmation back from the revunue re your TR1 then you can set up a Revenue online account.The form 11 for 2010 can be completed at any time up to 31/10/2011 or if on ROS up to 14/11/2011.

If you are friendly with someone in accounting or who has done this before then you should ask them to have a look at your books for you.

You will also need to register with the CRO to let them know you are carrying on business as a soletrader.