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tax on earnings or amount paid

  • 18-04-2011 10:39pm
    #1
    flogen
    Moderators, Society & Culture Moderators Posts: 10,247 Mod ✭✭✭✭


    This might seem like a silly question but when filing a self-employed tax return do you calculate your rate based on earnings in the year or actual income?

    For 2010 I'd have work commissioned - generally towards the end of the year - that I didn't actually get paid for until early this year. At the same time I'd have had money coming in in early 2010 for work done in late 2009 etc.

    So what's the done thing? I'm guessing it's actual income but just want to be sure.


Comments

  • #2
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    flogen wrote: »
    This might seem like a silly question but when filing a self-employed tax return do you calculate your rate based on earnings in the year or actual income?

    For 2010 I'd have work commissioned - generally towards the end of the year - that I didn't actually get paid for until early this year. At the same time I'd have had money coming in in early 2010 for work done in late 2009 etc.

    So what's the done thing? I'm guessing it's actual income but just want to be sure.

    Hi Flogen,

    Well it depends on whether or not you issued an invoice for the commission or did you wait until your received the money to issue the invoice?

    You are taxed from 01/01/2010 to 31/12/2010 based on invoices posted to your ledger.

    Hope this helps, PM if you need any more details.


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