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First Preliminary return

  • 30-09-2014 2:42pm
    #1
    kazaam
    Registered Users, Registered Users 2 Posts: 309 ✭✭


    hey guys,

    My head is wrecked trying to figure all this out! My girlfriend registered as self assessed last November (2013) and has been working freelance since. I'm essentially trying to figure out what needs to be paid on the 31st of October this year.

    Thanks for any help


Comments

  • #2
    prettyrestless
    Registered Users, Registered Users 2 Posts: 444 ✭✭prettyrestless


    Honestly, seek advise from a professional accountant. Even if they just do the first year for you and you carry on then, it's not worth effing it up.


  • #3
    kazaam
    Registered Users, Registered Users 2 Posts: 309 ✭✭kazaam


    I will do when the numbers have to be fine tuned, I'm wondering as it's still her first year as a sole trader, does she have to pay tax on October 31st?


  • #4
    prettyrestless
    Registered Users, Registered Users 2 Posts: 444 ✭✭prettyrestless


    Yes, she will have to pay tax for her income in 2013 and possibly preliminary tax for her 2014 income.

    So what you need to do is calculate her income for November-December less any relevant expenses. If she had any other income in 2013 (such as from employment, rental income, dividends, etc) then you'll also need to include these in her income tax return.


  • #5
    kazaam
    Registered Users, Registered Users 2 Posts: 309 ✭✭kazaam


    Thanks for the reply, so does anyone know if she'll have to pay the preliminary return for 2014 or just her tax for 2013, thats really what i'm trynna figure out!


  • #6
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Pretty sure she will have to pay preliminary too for 2014. I started trading in 2013, sent in form recently, got assessment, now I only have liability for prsi minimum of €500 for 2013, double checked with Revenue and I have to pay that plus same again (or 90% of estimated 2014, easier to go with 100% of 2013) for 2014 as prelim before end October.


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  • #7
    Gard1
    Registered Users, Registered Users 2 Posts: 90 ✭✭Gard1


    She wont have to worry about preliminary tax until October 2015.
    Prelim tax is based on 100% of previous years liability
    - She started in November 13. accounts prepared to October 2014

    In October 15 she will need to pay the tax for 2014 and the preliminary tax for 2015.

    It is good practice to budget a few quid aside to prepare herself for this if she owes tax and has can spare the cash but by the letter of the law she doesn't need to pay anything at this stage.

    Always advisable to get an accountant on board with you from the early stages. I know money is tight at the start but the could potentially save you more than their fee from advice and especially in regard to taxation and treatment of expenses etc


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