Paying Preliminary Tax for the First Time

Chareth Cutestory

I became a sole trader for the first time on a temporary basis this year. I've been working in the same office premises during this time and have been submitting monthly invoices from June 1st (and up until November 1st).

I've been trying to figure out what form (if any) I will need to submit for paying my preliminary tax but have only been able to find info for people who are submitting a tax return for 2013 and paying preliminary tax for the current year simultaneously. I obviously won't be filing a tax return for 2013 as was paying PAYE.

Any information would be greatly appreciated! Thanks.

CIARAN_BOYLE

Chareth Cutestory wrote: »

I became a sole trader for the first time on a temporary basis this year. I've been working in the same office premises during this time and have been submitting monthly invoices from June 1st (and up until November 1st).

I've been trying to figure out what form (if any) I will need to submit for paying my preliminary tax but have only been able to find info for people who are submitting a tax return for 2013 and paying preliminary tax for the current year simultaneously. I obviously won't be filing a tax return for 2013 as was paying PAYE.

Any information would be greatly appreciated! Thanks.

100% of your 13 liability which sounds like zero

Gard1

Your liability would be zero as you haven't traded for a full year to know what your approximate profit/tax liability would be.
However, if you can afford it, I would try to pay in some money before next October as you will be paying 100% of your 2014 liability and 100% in preliminary tax for 2015.

If your tax liability for 2014 is 5 k you will have to fork out 10 k to revenue!!

Chareth Cutestory

Thanks for the replies Ciaran and Gard, that clears things up a bit.

I'm freelance this year on a temporary basis so tax liability for 2014 shouldn't be too crippling. I hope!