Does a minor have to pay income tax?

BetterThanThou

I'm 17 and come next year(as in January onwards, I'll still be 17) I'm expecting to make up to 16 grand, perfectly legitimately, but my question is, will I have to report this to the government and pay tax on it, or am I exempt from paying tax on it as I'm a minor?

relax carry on

BetterThanThou wrote: »

I'm 17 and come next year(as in January onwards, I'll still be 17) I'm expecting to make up to 16 grand, perfectly legitimately, but my question is, will I have to report this to the government and pay tax on it, or am I exempt from paying tax on it as I'm a minor?

No exemption exists. You are taxed just like everyone else.

Busted Flat.

From the day the nurse slapped you on the arse, and before the cord is cut, that is where you start paying and you pay it till your affairs is sorted out, it could be a year after you are put into the wooden suit or the furnace. Some has to pay for the elites pension's.

BetterThanThou

Alright, one more question, I'm expecting to make up to 16 grand, but this will be only after an investment of a few grand. So lets say I make 16 grand after investing 3 grand, do the government tax the whole 16 grand or only 13000 of it?

Busted Flat.

BetterThanThou wrote: »

Alright, one more question, I'm expecting to make up to 16 grand, but this will be only after an investment of a few grand. So lets say I make 16 grand after investing 3 grand, do the government tax the whole 16 grand or only 13000 of it?

Unless you invest it under your bed in a tin box, you will pay.

Alan Shore

You are taxed on profit, if your investment is in stock, advertising or expenses then you get a deduction for it. If its in equipment or a laptop then you get whats known as capital allowance on it of 12.5% over 8 years.

Silverbling

For that sort of money at your age, speak to a financial adviser but not a dodgy one, ask your parents or their friends for someone who can help.

Accountants can only advise unless you ask a direct question so spend some time on thinking of your direct questions to get the answers you are looking for.

I would think given the answers above you would be the same as all business's so register for VAT if you are dealing in Europe, claim all your tax deductible expenses and get used to paying VAT and taxes

Best of luck to you in your venture, this country needs people like you, it is tough being your own boss but very satisfying

Busted Flat.

Good night Troll.

Silverbling

Who me?

Silverbling

In case that was directed at me

I Lost my job a couple of years ago aged 46 after being in a lovely cushy highly paid job and went self employed again because I had no choice, I worked hard and lived on my savings, 12 months later, no savings, no stamps paid

As an older person I admire get up and go in the young, to use some money to make money takes guts and should be applauded, without young entrepreneurs like the OP your future pension is nil

Why would he not ask advice on how to save taxes? I would suggest paying €25 for a business reg, take financial advice and keep moving your ideas forward