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Paye and Sole trader advice

  • 05-12-2013 1:41pm
    #1
    Paddyo
    Registered Users, Registered Users 2 Posts: 414 ✭✭


    Hi

    Hopefully you can advise me. I have looked on the internet and I think I understand what to do but just to make sure I thought I would ask.

    I am a PAYE worker in a company and independently I have developed a piece of software which I want to sell. I have registered a trading name in the companies office for this purpose and will operate as a sole trader from 1/01/2014 using this name.

    I dont expect a huge volume of sales and will not reach the 37000 limit for VAT - yet :)


    Do I need to register with the revenue - form TR1?
    Is the first form11 I fill in be in October 2014?
    Do I still get the A1 benefits (reducing as they are) from my PAYE income?
    Do I need a separate bank account?

    Many thanks for any replies

    Paddyo


Comments

  • #2
    Citizenpain
    Registered Users, Registered Users 2 Posts: 2,029 ✭✭✭Citizenpain


    Paddyo wrote: »
    Hi

    Hopefully you can advise me. I have looked on the internet and I think I understand what to do but just to make sure I thought I would ask.

    I am a PAYE worker in a company and independently I have developed a piece of software which I want to sell. I have registered a trading name in the companies office for this purpose and will operate as a sole trader from 1/01/2014 using this name.

    I dont expect a huge volume of sales and will not reach the 37000 limit for VAT - yet :)


    Do I need to register with the revenue - form TR1? YES
    Is the first form11 I fill in be in October 2014? NO - See Below
    Do I still get the A1 benefits (reducing as they are) from my PAYE income?YES
    Do I need a separate bank account? No - but it would help your accounts prep

    Many thanks for any replies

    Paddyo

    Making Tax Returns under Self-Assessment for the first time

    Individuals, who enter the self-assessment system because they have commenced to trade, have until the return filing date for the second year to submit tax returns for both the first and second year of trading. However, as mentioned previously, early filing of returns is advisable, as it establishes tax liability due in advance of payment deadlines.
    Early filing does not bring forward the payment date. It is your responsibility to calculate your own tax liabilities. However, if you file your tax return on or before 31 August, Revenue will calculate your tax liability for you based on your return for the year in question. This will assist you in paying the correct amount by the due date, 31 October. If you file your return after 31 August we cannot guarantee to provide you with a final assessment before 31 October and you may have to do your own calculations.
    Filing Date for your second year 2015 is 31st Oct 2016


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