First year of tax return

need-it

Firstly, i'm having an account do what little there is to be done, but i'd be grateful for some knowledge for my own peace of mind.

Started a sole trader business in early 2013. I sell intellectual property so basically I have my income (no overheads such as product) and expenses (such as travel)

I earned well under 10k from this venture.

Come end of the month (or before), will I be disclosing what my income and expenses were so far this year? I remember there talks of preliminary income etc. in the past but it's gone out of my head.

Thanks for your help

need-it

Just to add on this one, I am actually operating at a loss this year (i'm surviving on back to work enterprise scheme for this year). I won't be liable for income tax obviously, but I still need to file a return I assume

Bold Abdu

I'll answer your 2 questions.

If you had a profit and say your tax liability was €2k. As you commenced in 2013, your first tax return for yr' ended 31/12/13 is due before 31/10/2014. You will also pay the €2k liab' before this date. In relation to PT, on the same date you will also have to pay PT for 2014. If liab' for 2014 is likely to be c€2k or more you should pay €2k PT i.e. 100% of previous yr' liability. If profit & liability likely to be less, pay lesser figure.

Even though loss, Return is still due and no PT us due.

In summary, first return due 31/10/14 and no tax due on this date.

need-it

Thank you very much for your response.

So just to confirm, I won't be making any return to the Revenue this year? ie. before 31 Oct 2013?

What about basic PRSI contribution?

Bold Abdu

need-it wrote: »

Thank you very much for your response.

So just to confirm, I won't be making any return to the Revenue this year? ie. before 31 Oct 2013?

What about basic PRSI contribution?

No Return due this Oct'.

You'll need to make a voluntary PRSI contribution if you want for pension purposes etc. Minimum contribution for 2013 was €500. Just google "voluntary PRSI" for info

need-it

Thanks for the info, I thought PRSI was mandatory