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Form 11

  • 12-02-2012 9:06am
    #1
    spindizzy
    Banned (with Prison Access) Posts: 104 ✭✭


    If as a sole trader I made a loss and used money I made from a paye job to subsidise my buisness do I have to put on the form 11 that I put this money into the buisness?


    Is it possible to offset losses against tax paid in paye job?


Comments

  • #2
    MBateson
    Registered Users, Registered Users 2 Posts: 169 ✭✭MBateson


    Any money from your PAYE should go under capital introduced in the accounts menu of your ST business.

    Case I losses are offsetable against PAYE income in the same year


  • #3
    spindizzy
    Banned (with Prison Access) Posts: 104 ✭✭spindizzy


    MBateson wrote: »
    Any money from your PAYE should go under capital introduced in the accounts menu of your ST business.

    Case I losses are offsetable against PAYE income in the same year


    Thanks, that what I was thinking. One more question, on the form 11 how, or do I need to, specify that the money came from paye employment so as to have it offset


  • #4
    Shane732
    Registered Users, Registered Users 2 Posts: 4,998 ✭✭✭Shane732


    spindizzy wrote: »
    Thanks, that what I was thinking. One more question, on the form 11 how, or do I need to, specify that the money came from paye employment so as to have it offset

    It's not really that relevant whether the money came from PAYE employment/investments etc... once tax as been remitted properly.

    The key thing to decide is whether you want to offset the loss made in your Case 1 trade against your PAYE income and potentially get a refund of PAYE. While the Revenue Commissioners maintain that the accountants extracts are a statutory requirement in practice I've seen hundreds of form 11 returned with only minimal information in the accounts extracts panel.

    Once you have the correct figures in regarding your profit/loss and information to back up your income/expenses you'll be fine.


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