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preliminary tax confusion??

  • 30-10-2012 10:05pm
    #1
    cmbutterfly45
    Registered Users, Registered Users 2 Posts: 402 ✭✭


    hi guys
    i started trading as a sole trader 2 months ago do i need to do anything now or can i wait until 2013 and pay all of my tax then, if i was to file now it would be a nil return but im not sure if i need to send in form 11 anyway or if i can (should) leave it until next year?? i know that i dont have to pay anything until next year but its the paperwork im unsure of if anyone can help it would be great sorry for the long winded post im a bit all over the place with the confusion!!


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    If you started trading this year (2 months ago) then you do not have to file a return until next year at the earliest.

    Nor are you obliged to pay any preliminary tax in October 2012 as this is your first year.

    However, if you expect to be earning profits in the first year of trading overall then you may wish to pay some preliminary tax now as otherwise when if comes to October 2013 you may need to pay the balance of 2012 liability plus preliminary tax for 2013 ie you pay two years of tax at one time.

    Hope this helps.

    dbran


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