Tax Returns for Sole Trader, Initial Year

omegawkd · 16-10-2012 8:59am #1

Hey there,

I'm sorry if this has been asked already but I was unable to find a similar post.

I started business this year, in May 2012, and am wondering do I have to complete and file a TAX return for my business this month, October 2012?

I asked someone in Revenue and what I was told couldn't be more cryptic if they tried. Basically, according to that guy from Revenue, I don't have to do anything this year, no filing of forms at all for TAX purposes, or preliminary TAX - this is how I picked it up. Is this the case?

Related, if I do have to file a return for tax do I include my BTWEA benefit also? As far as I am aware it is a non taxable benefit.

Thanks for your time.

akelly02 · 16-10-2012 9:02am

you dont do anything till next year. You have until 31/10/13 to file you return. 16/11/13 if you do online

omegawkd · 16-10-2012 9:21am

Thanks for the reply,

So I don't touch FORM 11 until 2013. Does the same apply to Preliminary tax, which in this case would be NIL anyway at the moment?

akelly02 · 16-10-2012 9:23am

correct and right!

smeharg · 16-10-2012 10:16am

You actually have until October 2014 to file your first return. However, preliminary tax may be due next year (October 2013).

You don't need to include BTWEA.

Tax Returns for Sole Trader, Initial Year

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