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Mix of incomes

  • 10-02-2012 8:56pm
    #1
    spindizzy
    Banned (with Prison Access) Posts: 104 ✭✭


    I am self employed with a small income from buisness(sole trader) and also rent a house out(can't afford to live in it any more!!!) and also have a paye job.

    My question is that tax, USC and prsi have been taken out of my paye earnings already but in regard to my other earnings, do I take all taxable gross incomes (sole trader and rental), combine it with paye gross income and then work out how much tax etc is due to be paid. (taking into account what is already been paid in paye job).

    I understand that different expenses etc reduce both sole trader income and rental income to the figure used for tax. My question refers to after all them deductions are taken out.


Comments

  • #2
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    spindizzy wrote: »
    I am self employed with a small income from buisness(sole trader) and also rent a house out(can't afford to live in it any more!!!) and also have a paye job.

    My question is that tax, USC and prsi have been taken out of my paye earnings already but in regard to my other earnings, do I take all taxable gross incomes (sole trader and rental), combine it with paye gross income and then work out how much tax etc is due to be paid. (taking into account what is already been paid in paye job).

    I understand that different expenses etc reduce both sole trader income and rental income to the figure used for tax. My question refers to after all them deductions are taken out.

    There is no need for you to work it out at all. Download the ROS offline tool and then download a form 11 for 2011 to it. Input your figures where appropriate on the form and the system calculates it for you. You can then upload the completed form to the ROS online if you are registered or just use it as a calculation tool.

    http://www.ros.ie/PublisherServlet/downloads


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