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First Time on ROS

  • 29-10-2012 4:15pm
    #1
    9wetfckx43j5rg
    Closed Accounts Posts: 483 ✭✭


    This year was my first year in business as a self employed person. I got a family loan for buying equipment and I use profit I get in to repay the loan.

    This means that I made a loss this year technically. I need to file my preliminary tax on the 31st. I don't understand how to do that or what it is.

    I think I use minus the expenses including the equipment from the money I took in. How do I carry over what I have left to pay back to the next tax year? What is that called?

    How do I file preliminary tax? Will an option suddenly appear on the 31st of this month on ROS?


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    Salma Fat Campus wrote: »
    This year was my first year in business as a self employed person. I got a family loan for buying equipment and I use profit I get in to repay the loan.

    This means that I made a loss this year technically. I need to file my preliminary tax on the 31st. I don't understand how to do that or what it is.

    I think I use minus the expenses including the equipment from the money I took in. How do I carry over what I have left to pay back to the next tax year? What is that called?

    How do I file preliminary tax? Will an option suddenly appear on the 31st of this month on ROS?

    You really need proper help.

    You will get capital allowances for the equipment. The loan repayments aren't an expense - so they aren't taken into account in calculating your profit or loss.

    Depending on when you started you might or might not have to pay tax this year.

    When paying and filing on ROS you actually have until 15 November to do everything.

    But do go and talk to someone who understands this stuff. Otherwise it's likely to end in tears.


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