Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Self-employed (form 11 and other q's)

  • 08-11-2015 12:50pm
    #1
    JWhite90
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi,

    I am self-employed, but operating an extremely small business with almost no associated costs. What I have done since beginning is spend a lot of time writing and researching, monetizing only a small part of this.

    The bulk of my very small income has come from providing in-person tuition, as well as online tuition. I have a record of the total amount of money that I made in 2014 doing this (around 4,000 euro), and I've to fill out Form 11 for that year. Then the other stuff amounts to just under 1,000 euro so in total I've had about 5,000 euro gross income, with almost zero expenses as I work from home on my personal laptop and I give grinds at home too.

    Obviously, I'm not breaking even with this lifestyle, but I'm happy with being set up like this for the time being as I was a bit burned out from work before I set myself up as self-employed.

    My questions are: do I only need to fill in Form 11? And, is there any tax that I'll definitely be liable to even though my income has been so small?


Comments

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


    JWhite90 wrote: »
    Hi,

    I am self-employed, but operating an extremely small business with almost no associated costs. What I have done since beginning is spend a lot of time writing and researching, monetizing only a small part of this.

    The bulk of my very small income has come from providing in-person tuition, as well as online tuition. I have a record of the total amount of money that I made in 2014 doing this (around 4,000 euro), and I've to fill out Form 11 for that year. Then the other stuff amounts to just under 1,000 euro so in total I've had about 5,000 euro gross income, with almost zero expenses as I work from home on my personal laptop and I give grinds at home too.

    Obviously, I'm not breaking even with this lifestyle, but I'm happy with being set up like this for the time being as I was a bit burned out from work before I set myself up as self-employed.

    My questions are: do I only need to fill in Form 11? And, is there any tax that I'll definitely be liable to even though my income has been so small?
    €5,000 is just enough for mandatory prsi payment of €500 but you get a years prsi credits for it so its not a complete waste


  • #3
    prettyrestless
    Registered Users, Registered Users 2 Posts: 444 ✭✭prettyrestless


    CIARAN_BOYLE wrote: »
    €5,000 is just enough for mandatory prsi payment of €500 but you get a years prsi credits for it so its not a complete waste

    Even if you're just earning under €5000, it'd be worth making a voluntary PRSI contribution for 2014 to keep your contributions up to date. Conditions were updated for this during 2015 so check to see if you're eligible.

    With income of 5k you won't be earning enough to pay tax or USC.


Advertisement