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1st Year as self-assessed quick question on preliminary tax

  • 04-11-2014 12:58pm
    #1
    SpaceTime
    Closed Accounts Posts: 9,088 ✭✭✭


    A friend of mine registered as self employed mid way through 2014 and was wondering how they calculate their preliminary tax before the ROS online deadline in November?

    They haven't been trading for a full year yet.

    They've actually earned very little money during that period (under 3000 Euro) as it's a startup micro-enterprise (1 person) that's burning money in its early stage while it tries to get clients.

    According to the Revenue's website, it seems that submitting a return in year 1 is optional and that it can all be done in Year 2.

    Any ideas how to proceed? They're doing the accounts themselves this year as they are extremely simple i.e. just 4 invoices so far.

    I'm not quite sure how they'd calculate preliminary tax based on so little trade and only a few months.


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    SpaceTime wrote: »
    A friend of mine registered as self employed mid way through 2014 and was wondering how they calculate their preliminary tax before the ROS online deadline in November?

    They haven't been trading for a full year yet.

    They've actually earned very little money during that period (under 3000 Euro) as it's a startup micro-enterprise (1 person) that's burning money in its early stage while it tries to get clients.

    According to the Revenue's website, it seems that submitting a return in year 1 is optional and that it can all be done in Year 2.

    Any ideas how to proceed? They're doing the accounts themselves this year as they are extremely simple i.e. just 4 invoices so far.

    I'm not quite sure how they'd calculate preliminary tax based on so little trade and only a few months.
    100% of the 2013 liability which is nil as they hadn't registered in 2013


  • #3
    SpaceTime
    Closed Accounts Posts: 9,088 ✭✭✭SpaceTime


    CIARAN_BOYLE wrote: »
    100% of the 2013 liability which is nil as they hadn't registered in 2013

    So should they do a return regardless? Just with 0 on the preliminary?

    There didn't seem to be any of filing one on ROS the year wasn't there.


  • #4
    flynnlives
    Registered Users, Registered Users 2 Posts: 739 ✭✭✭flynnlives


    They dont file a return this year. They file one for 2014 in 2015.
    And they will only pay perlimerary tax for 2015.


  • #5
    SpaceTime
    Closed Accounts Posts: 9,088 ✭✭✭SpaceTime


    That would explain why it wouldn't work.
    Unlike some people, they're enthusiastically trying to pay extra tax...

    :)


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