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Self Assessment - Preliminary Tax

  • 07-09-2015 3:25pm
    #1
    Registered Users, Registered Users 2 Posts: 9


    Hi,
    My cousin just started up his own business this year as an electrician working for himself. Its just him, he has no employees and is not registered for VAT. I was just wondering what is required of him this year in terms of paying tax on his income:
    1) Is he required to register as a sole trader or can he just file taxes under his PPS number using a Form 11?
    2) Is he required to pay preliminary tax for 2015 by 31st October this year or as its his first year of business can he wait and just file his return for the full year 2015 by 31st October 2016?
    3) If he does have to pay preliminary tax for 2015 is there a method for trying to calculate what he might owe for the year?

    Any advice/guidance would be very much appreciated.
    Thanks!


Comments

  • Registered Users, Registered Users 2 Posts: 818 ✭✭✭Triangla


    Hi, don't take this the wrong way it is meant as genuine advice.

    Your cousin should speak with an accountant, he might be watching the pennies as it's a new venture but it's his business that will suffer if the returns are messed up and revenue issue a fine.


  • Registered Users, Registered Users 2 Posts: 9 Abbieco


    Hi, thanks for your post, I appreciate what you're saying

    I was more trying to get a general idea of what is involved more that anything else before he decides what to do. I.E if he doesn't need to file until October 2016 and doesn't need to register then there is no need to get involved with an accountant at this stage.

    Thanks again.


  • Registered Users, Registered Users 2 Posts: 8,779 ✭✭✭Carawaystick


    It used to be the first year, you pay next Oct, and then next year you pay the same Oct for that second year.

    So start in 2015, pay 2015 tax in Oct 2016
    Pay 2016 tax in Oct 2016
    Pay 2017 tax in 2017 ...

    The vat threshold used to be around 45 grand


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