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Sole Trader Ceasing to Trade

notnem · 2011-07-18 21:02:30

hi, I am becoming an employee of a company that I used to work as a contractor for, paying tax as a sole trader submitting annual tax returns. My year end was 31 Dec, I am going to be starting to earn a salary from 1 july and will no longer be earning money as a sole trader, could someone please advise what the tax…

18-07-2011 9:02pm

#1

notnem

Registered Users, Registered Users 2 Posts: 142 ✭✭

Join Date: May 2008

Posts: 128

hi,

I am becoming an employee of a company that I used to work as a contractor for, paying tax as a sole trader submitting annual tax returns.

My year end was 31 Dec, I am going to be starting to earn a salary from 1 july and will no longer be earning money as a sole trader, could someone please advise what the tax implications of this are. I currently pay revenue my preliminary tax based on 105% of 2008 figure by monthly direct debit, do I need to continue this direct debit for the remainder of the year even though I will no longer be earning income from this source?

Thanks in advance

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#2 20-07-2011 6:06pm

Fabo

Registered Users, Registered Users 2 Posts: 225 ✭✭

Join Date: December 2009

Posts: 206

Hi you need do do cessation accounts to 30 June.

You will need to submit your 2010 tax return based on 12 months of this profit and your 2011 return based on the other 6 months. You can stop paying the dd if you think you have covered the tax on the 6 months for this year.

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