Need help. Registering with revenue.

ps3man

Hi guys need some help. Il give my background. Im a full time student, work part time in retail but I also do the odd bit of freelance, I have been charging clients, not a large fee more so just to cover costs of what I am doing etc. However some people want me to invoice them so they can pay me. The cost of setting up for revenue accountant, solicitor etc would cost me more than I earn from it essentially. Any ideas on ways not so much around them costs but are there cheaper legal ways to set up to pay vat etc.

okmqaz42

If you are setting up as a sole trader rather than a limited company you just fill in a TR1 form.
You will then need to file returns each year, you declare your PAYE income on the same form you make your returns on so if you earn nothing extra that is you done, if you happen to make any money if you file online it calculates your tax liability and Preliminary Tax you can pay by laser/direct debit on the revenue website.

I don't think you will need a solicitor or accountant unless you get sued or are chasing people for money.

Best of luck

http://www.revenue.ie/en/business/running/registering-tax.html


*none of this should be read as actual advice*

ps3man

okmqaz42 wrote: »

If you are setting up as a sole trader rather than a limited company you just fill in a TR1 form.
You will then need to file returns each year, you declare your PAYE income on the same form you make your returns on so if you earn nothing extra that is you done, if you happen to make any money if you file online it calculates your tax liability and Preliminary Tax you can pay by laser/direct debit on the revenue website.

I don't think you will need a solicitor or accountant unless you get sued or are chasing people for money.

Best of luck

http://www.revenue.ie/en/business/running/registering-tax.html


*none of this should be read as actual advice*

Cheers for that. Im just looking to be pointed in the right direction.

thefizz

Brendan is right, no need for accountants or solicitors to register as a sole trader and submit yearly returns.

thefizz

Forgot to say that unless you are buying a lot of gear, there is probably no need to register for vat.

Telchak

thefizz wrote: »

Forgot to say that unless you are buying a lot of gear, there is probably no need to register for vat.

According to this, "A trader is generally required to register for VAT for making supplies of goods and/or services, subject to his or her turnover exceeding certain thresholds. The most common are €37,500 for the supply of services"

thefizz

That is correct but as the op is a full time student I didn't think he/she would be hitting the threshold. Of course I could be wrong and maybe they will expect to turn over this level of sales.

okmqaz42

I think it might be just what this country needs, students filing vat returns in excess of 37K for a part time project. Great stuff, onwards and upwards!!!