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Self Employed Tax Credits

  • 15-09-2011 8:21pm
    #1
    BulliteShot
    Registered Users, Registered Users 2 Posts: 152 ✭✭


    Do I need to apply for my tax credits if I am a sole trader? If I do, what form do I fill out? Form 12A seems to be for employees only. :confused:


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Sole Traders do not get tax credits. They take expense deductions.

    The Tax Return Form is a Form 11.

    Read the guide to self employed in the stickies.


  • #3
    paul71
    Registered Users, Registered Users 2 Posts: 3,317 ✭✭✭paul71


    Mr. Incognito wrote: »
    Sole Traders do not get tax credits. They take expense deductions.

    The Tax Return Form is a Form 11.

    Read the guide to self employed in the stickies.

    :confused:
    Sole traders do get tax credits, the single person allowance is a tax credit, as is the bereaved allowance, blind person allowance, dependant relative, and age credit ect.

    The only tax credit not available to a self employed person is the PAYE credit.


  • #4
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    paul71 wrote: »
    :confused:
    Sole traders do get tax credits, the single person allowance is a tax credit, as is the bereaved allowance, blind person allowance, dependant relative, and age credit ect.

    The only tax credit not available to a self employed person is the PAYE credit.

    What Mr I meant (I assume) is that self employed people don't get tax credits issued to them on a certificate of tax credits at the start of / during the tax year in the way that a PAYE worker does.

    Self employed taxpayers claim their tax credits on their end of year tax return (Form 11).


  • #5
    daytrader1
    Closed Accounts Posts: 15 ✭daytrader1


    I am after starting up my own business as a sole trader,can anyone tell me what % vat do i charge customers for landscaping work eing done,is it 13% or 21%?


  • #6
    mari2222
    Registered Users, Registered Users 2 Posts: 568 ✭✭✭mari2222


    http://www.revenue.ie/en/tax/vat/rates/decision-detail-00201.jsp

    According to revenue as above link shows, it is 13.5% since 1 july 2011 i.e. the reduced rate.


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  • #7
    MAR86
    Registered Users, Registered Users 2 Posts: 59 ✭✭MAR86


    Hi There,

    Nice to see this topic as I have a big problem.

    My boyfriend is an employee, full-time work, but he also has sole trader business. His employer is already claiming Personal Tax Credit? Can he claim again a personal tax credit on Form 11?

    Another question is, he already pays PRSI through PAYE, he would also have to pay PRSI under class S?

    Kind regards


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