TR1 Registration & Date of Commencement

cianclarke

Hi Guys,
Simple question. I registered a company name in August of this year, along with a business bank account. I also received my first piece of income, a deposit.
Only yesterday, I received my first payment - and I'm finally getting around to filling out my TR1. I realise the pay & file deadline for this year is Oct 31 2011, however that would have been for the previous year's trading, correct?
Meaning that in my situation, I can complete returns in October of 2012?
Should I state my date of commencement as August, or would I be best stating my date of commencement as the day I fill in the form? Either way, I have of course every intention of disclosing all incomes since August - just checking what to state!
Thanks guys

Birdfood

You should put down the date you commenced your business as the date to register from, it won't matter that you only sent in the form some months after. You won't have needed to file a tax return for this year. If it is your first year in the self assessment system you're not obliged to file a return until the return deadline of your second tax year for the first 2 years trading. e.g. if you commenced trading in Aug. 2011, your first tax year is 2011- tax return due in 2012 and your second tax year is 2012- tax return due in 2013, but as you are new to the self assessment system you have until Oct. 2013 to file returns for 2011 and 2012.

www.revenue.ie has all of this info and guides for people starting in business etc.

You can ring your local tax office and ask to speak to Registrations and they will advise you also, and verify what dates you need to do things by.

cianclarke

Great - thanks for your help!