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What do I have to pay as a carpenter sole trader? VAT, tax, PAYE, Ross etc what are %

  • 12-10-2013 10:10pm
    #1
    Megatron!!
    Closed Accounts Posts: 94 ✭✭


    Hi, im starting up my first business.....going out alone as a carpenter. Im new to all this and could do with help. What do I have to give the state every time I work a day? I wont have any employees for about 6 months but I need to cover the pitfalls. I have spent hours on revenue.ie but can anyone give me the laymans?


Comments

  • #2
    Bold Abdu
    Registered Users, Registered Users 2 Posts: 213 ✭✭Bold Abdu


    No real short answer to that.

    I'd say go see an accountant who'll give you the low down. I might have something of a list/summary somewhere. I'll check later.


  • #3
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Short answer = everyone essentially uses the same tax system. What's different is the way you declare, when you pay, and how much tax credits you get. A sole trader will also have expenses to account for.


  • #4
    NewApproach
    Registered Users, Registered Users 2 Posts: 2,191 ✭✭✭NewApproach


    If you have no employees and do not need to register for VAT, you won't need to do anything until you go to file an income tax return.


  • #5
    Megatron!!
    Closed Accounts Posts: 94 ✭✭Megatron!!


    NewApproach wrote: »
    If you have no employees and do not need to register for VAT, you won't need to do anything until you go to file an income tax return.

    so basically, I just pay tax on my net yes?


  • #6
    Bold Abdu
    Registered Users, Registered Users 2 Posts: 213 ✭✭Bold Abdu


    You'll still have to register for income tax from the date you commenced - Form TR1.

    Assuming you started today, your first tax return is due by 31/10/2014 together with tax due. Preliminary tax for 2014 also due on this date.


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  • #7
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Bold Abdu wrote: »
    You'll still have to register for income tax from the date you commenced - Form TR1.

    Assuming you started today, your first tax return is due by 31/10/2014 together with tax due. Preliminary tax for 2014 also due on this date.

    No there's an extra year to file the first income tax return, so due date for first & second years' returns will be 31/10/2015. Preliminary tax obligation doesn't change though.


  • #8
    Bold Abdu
    Registered Users, Registered Users 2 Posts: 213 ✭✭Bold Abdu


    barneystinson wrote: »
    No there's an extra year to file the first income tax return, so due date for first & second years' returns will be 31/10/2015. Preliminary tax obligation doesn't change though.

    Of course, but I generally don't tell clients that to keep them on track early:)


  • #9
    veetwin
    Registered Users, Registered Users 2 Posts: 2,005 ✭✭✭veetwin


    NewApproach wrote: »
    If you have no employees and do not need to register for VAT, you won't need to do anything until you go to file an income tax return.

    I don't understand the correlation between VAT and employees. I was under the impression if the OP grosses over €37.5k in a year he is obliged to register for and charge VAT. OP should definitely consult with an accountant though.


  • #10
    Bold Abdu
    Registered Users, Registered Users 2 Posts: 213 ✭✭Bold Abdu


    veetwin wrote: »
    I don't understand the correlation between VAT and employees. I was under the impression if the OP grosses over €37.5k in a year he is obliged to register for and charge VAT. OP should definitely consult with an accountant though.

    If OP has no employees he doesn't need to deal with payroll taxes etc. Also, if t/o is below threshold he does not need to register for VAT, so VAT returns don't have to be done.

    NewApproach wasn't making a correlation. There is an "and" in there!

    See an accountant - yes.


  • #11
    Megatron!!
    Closed Accounts Posts: 94 ✭✭Megatron!!


    Bold Abdu wrote: »
    If OP has no employees he doesn't need to deal with payroll taxes etc. Also, if t/o is below threshold he does not need to register for VAT, so VAT returns don't have to be done.

    NewApproach wasn't making a correlation. There is an "and" in there!

    See an accountant - yes.
    Thanks for making my life easier people, My sister is an accountant and I can get advice from her in a few weeks. Shes up to her eyeballs in paperwork at the moment and dont want to ad to the stress of it.


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