P21 Balancing Statement, switching from PAYE to Self Assessment

CageWager

I was a PAYE worker for the first 4 months of 2015 and then left to start a business. Lived off savings from April 2015 -Present while getting the business off the ground. This month will be the first month I take any money out of the business. I registered as self employed with the revenue last year but had no taxable income as a self employed person during 2015.

I logged into PAYE Anytime to claim my tax back for the first 4 months of 2015, I paid about 6k in tax so a relatively large refund is due. It said that as I had registered as self employed the PAYE Anytime system no longer works for me.

I have applied for a ROS account but now I am worried that they might not give me a refund until I file a tax return (Oct 16 - even though it will be essentially a nil return).

Does anyone know if they will settle the PAYE refund for me through ROS or will I have to wait until October? Needless to say at this stage in a new business the few thousand euro will go a long way.

Thanks in advance.

barneystinson

CageWager wrote: »

I was a PAYE worker for the first 4 months of 2015 and then left to start a business. Lived off savings from April 2015 -Present while getting the business off the ground. This month will be the first month I take any money out of the business. I registered as self employed with the revenue last year but had no taxable income as a self employed person during 2015.

I logged into PAYE Anytime to claim my tax back for the first 4 months of 2015, I paid about 6k in tax so a relatively large refund is due. It said that as I had registered as self employed the PAYE Anytime system no longer works for me.

I have applied for a ROS account but now I am worried that they might not give me a refund until I file a tax return (Oct 16 - even though it will be essentially a nil return).

Does anyone know if they will settle the PAYE refund for me through ROS or will I have to wait until October? Needless to say at this stage in a new business the few thousand euro will go a long way.

Thanks in advance.

October is the deadline, not the starting point, for filing an income tax return.

Also, if you commence self employment in 2015, your first return is not due until Oct 2017, as you get an extra year to file the first return.

If you know you are due a refund you can file your 2015 return via ROS as soon as the facility to do so becomes available, at least another 6-8 weeks away yet.

CageWager

Ah right, that makes sense. I appreciate the reply!