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2nd Opinion in PAYE & Self Employment Tax Treatment

  • 21-01-2015 9:58am
    #1
    kilburn
    Registered Users, Registered Users 2 Posts: 3,912 ✭✭✭


    hi Folks would appreciate any thoughts on the below scenario from an ease of processing and tax efficiency point of view

    Joint assessed couple one in full time employment other 9 mths part time 3 mths self employed sole trader

    Have reduced PAYE tax credit to 9/12 for self employed spouse on PAYE anytime for 2014.

    Option A submit medical expenses and request P21 and deal with form 11 during the year

    Option B submit form 11 now and pay later then request P21 balancing cert and just pay the tax due after offsets etc

    Also there is a business deduction for a course can rail expenses and meals be claimed in relation to this cannot find anything definitive on revenue

    Sorry management accounts is my area of expertise


Comments

  • #2
    2ndcoming
    Registered Users, Registered Users 2 Posts: 3,588 ✭✭✭2ndcoming


    You can't get a P21 if either of you is registered as a sole trader so the first option is a non-runner.

    You should register for ROS and file your return online to avoid waiting months for a paper return to be processed. Include all PAYE income and any other credits you want to claim on the return and it will all be processed together.

    Regarding the course query I'm not 100%, I'd imagine if the course is a necessary business expense you can allow the cost of the course itself and any necessary related expenses i.e travel to it against your sole trader income per civil service subsistence rates.

    I wouldn't be sure about the food though, you have to eat every other day and don't get to claim for any of them.


  • #3
    mrs vimes
    Registered Users, Registered Users 2 Posts: 156 ✭✭mrs vimes


    Hi Kilburn,

    there is no requirement to apportion the PAYE credit by time - provided she earned enough under PAYE to utilise all the credit it is not apportioned, and ros (or revenue if submitting a paper Form 11) will restrict it automatically if necessary.

    Sole traders are not permitted to use civil service mileage and subsistence rates - they can only make a claim based on actual costs incurred.

    Sybil Vimes


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