Employee & Self Employed?

ruaille buaille

Hi I am currently working as a part time administrator (mon, tue and half day wed). I am thinking of start teaching fitness classes on the other days by renting out a room in a gym or maybe community hall etc. The students would pay per class in cash. Do I need to fill out a tax return form? How would this work if I am already working part time?
Just wondering if it would be worth my while if my taxes would increase a lot.

Thanks,

seamus

Short answer is yes. You would fill out a form 12, which is effectively a declaration of additional income. This is then combined with your PAYE income to calculate the tax due on your entire earnings for the year.

There are various things you can write off as expenses, which would include things like your gym clothes, music purchased for use in classes, etc etc.

It would be very worth your while sitting down with an accountant for an hour who can guide you on best practice - holding onto and recording receipts, issuing invoices, etc - as well as how to fill out the form 12.

Avatar MIA

Unless your non PAYE income is less than €3,174 you'll need to file form 11.

If your taxes increase a lot your income has to increase by significantly more.