Additional Income

Streak101

Advise please.
At the end of June I will receive income for some contract work that I'm doing outside of my salaried job.
I'm a PAYE worker and apart from claiming meds and other rebates through ROS I've never done a self assessment before, I'm on the top tax rate.

My understanding is that I need to submit preliminary tax in October of this year and then make any adjustments to close off in October 2016?
Also for the contacted work I need to drive to attend meetings and there are other consumable type expenses, printing, etc - are any of these deductible?
I haven't submitted meds for 2014, can I submit in parallel to lessen the tax take?
What documentation do I need to provide during submission or do I just maintain my own records in case they are needed in the future.

Is it worth getting an accountant for this, as it could be annual?

Thanks in advance

barneystinson

Streak101 wrote: »

Advise please.
At the end of June I will receive income for some contract work that I'm doing outside of my salaried job.
I'm a PAYE worker and apart from claiming meds and other rebates through ROS I've never done a self assessment before, I'm on the top tax rate.

My understanding is that I need to submit preliminary tax in October of this year and then make any adjustments to close off in October 2016?
Also for the contacted work I need to drive to attend meetings and there are other consumable type expenses, printing, etc - are any of these deductible?
I haven't submitted meds for 2014, can I submit in parallel to lessen the tax take?
What documentation do I need to provide during submission or do I just maintain my own records in case they are needed in the future.

Is it worth getting an accountant for this, as it could be annual?

Thanks in advance

Are we talking a couple of grand here, or what?

Unless your profit, ie income less allowable expenses, exceeds 3,174 then you can return it on a Form 12 and the tax due can be collected by reducing your tax credits.

Streak101

barneystinson wrote: »

Are we talking a couple of grand here, or what?

Unless your profit, ie income less allowable expenses, exceeds 3,174 then you can return it on a Form 12 and the tax due can be collected by reducing your tax credits.

Will be a 4k initial payment, with a potential further 2k based on the success of the project.
Is there a list of allowable expenses somewhere?

BabySlam

You should refer to the revenue website as regards self-employed business income. You will need to register as a sole trader before you commence, even though you are already registered under PAYE. Then you can claim business expenses (not hospitality) against the business income. Where expenses are both business and private/personal, you should apportion them - Revenue may impose a different apportionment in due course. Dates of returns etc are all on the site.

Streak101

Can you be registered as a sole trader and a PAYE worker at the same time?

relax carry on

Streak101 wrote: »

Can you be registered as a sole trader and a PAYE worker at the same time?

Yes.

edward2222

Streak101 wrote: »

Is it worth getting an accountant for this, as it could be annual?

Thanks in advance

Tax Code is difficult. Regardless, if you miss to pay the right taxes for your income, you will likely be hit with penalties. Not only an accountant can advise you early on so that you can comply with all tax regulations but also can inform you of tax credits and deductions you can take, and predict the taxes you’ll owe so that you don’t come up short when Uncle Sam comes knocking.

barneystinson

edward2222 wrote: »

Tax Code is difficult. Regardless, if you miss to pay the right taxes for your income, you will likely be hit with penalties. Not only an accountant can advise you early on so that you can comply with all tax regulations but also can inform you of tax credits and deductions you can take, and predict the taxes you’ll owe so that you don’t come up short when Uncle Sam comes knocking.

Hi Edward. THIS IS IRELAND.

edward2222

barneystinson wrote: »

Hi Edward. THIS IS IRELAND.

:eek: