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Registering as a sole trader -can anyone help with tax form?

  • 09-06-2011 12:15pm
    #1
    mrsmaths
    Registered Users, Registered Users 2 Posts: 59 ✭✭


    Hi everyone

    I'm currently going through the process of setting up my own company (a wedding stationery business). I am trying to fill out the TR1 form for the revenue and was wondering if anyone could help with a few questions from their own experience? I can't find a guide to completing the form type booklet anywhere on the revenue site or the citizens advice site. I have no idea what I am supposed to fill in for the following:

    Q17: To what date will annual accounts be made up? Do I just say 12 months from the date of registration?

    Part B: Income Tax
    Q23: If you are registering for Income Tax and if so indicate your main source of income? Do I just tick yes and say Trade?

    Thanks in advance


Comments

  • #2
    Bo McCabe
    Closed Accounts Posts: 1 ✭Bo McCabe


    Hi mrsmaths,

    I think question 17 is just asking what the financial/accounting year will be for your business. The normal tax year is up to the end of December so it is probably easiest just to go with that and put 31/12/2011.

    The TR1 form is used for other things too but it sounds from your post like you are registering to pay income tax as a sole trader so yes you should tick the box in question 23 and tick the Trade box for question 24.

    Good luck with the new venture :-)


  • #3
    mrsmaths
    Registered Users, Registered Users 2 Posts: 59 ✭✭mrsmaths


    Thanks :)


  • #4
    J.Ryan
    Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    mrsmaths wrote: »
    Hi everyone

    I'm currently going through the process of setting up my own company (a wedding stationery business). I am trying to fill out the TR1 form for the revenue and was wondering if anyone could help with a few questions from their own experience? I can't find a guide to completing the form type booklet anywhere on the revenue site or the citizens advice site. I have no idea what I am supposed to fill in for the following:

    Q17: To what date will annual accounts be made up? Do I just say 12 months from the date of registration?

    Part B: Income Tax
    Q23: If you are registering for Income Tax and if so indicate your main source of income? Do I just tick yes and say Trade?

    Thanks in advance


    If you are setting up a company the form would be a TR2, after the company is formed, if you are setting up the business as a sole trader, then the TR1 is correct.


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