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Sole Trader And Tax

  • 20-04-2011 12:18pm
    #1
    gymaster
    Registered Users, Registered Users 2 Posts: 20 ✭


    Got My Answers, Thanks All


Comments

  • #2
    Homer
    Registered Users, Registered Users 2 Posts: 4,372 ✭✭✭Homer


    I suggest you speak to an accountant and keep any receipts for items you buy in relation to the business and invoices for any work you do. If you are not working as a student you would have to pay minimal tax if you're income is likely to be circa €5,000


  • #3
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    Hi OP,

    You will need to fill out form TR1 and send it back to the revenue, then go online and register for ROS online. This is handy as you get message reminders of when your returns are due, I don't reckon you need an accountant especially seeing as your business is so small, however if you feel you are lost then maybe it might be best to get one.

    Keep a spreadsheet of all incomings and outgoings associated with your business.

    Where are you based?


  • #4
    PCPhoto
    Registered Users, Registered Users 2 Posts: 6,584 ✭✭✭PCPhoto


    keep receipts for EVERYTHING !!

    start an excel spreadsheet for all work related purchases/sales.

    try to find out what you are entitled to claim and make sure you understand everything....talk with someone in Revenue and see if they can assist you.

    Also talk to an accountant get their advice and ask for what allowances you are allowed etc.


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