Withholding Tax & PAYE

cherrytaz

Hi all

I am currently employed and have done a small nixer (unrelated to my work) with my total invoice amounting to €2,000. Withholding tax was deducted from the amount at source and so I actually received €1,600 (withholding tax is 20%)

It is my first time being in this situation and I want to get my tax return correct. Could someone point me in the right direction as to what forms I need to fill out? I have the F45 form outlining the amount of withholding tax deducted. Can I do this online and offset the amount of withholding tax against tax due? I see this as a once off bit of work so any help would be greatly appreciated

Thanks

scheister

think its an F50 form you are looking for.

cherrytaz

Thanks for that. That seems to be just for reclaiming the withholding tax, would I not need to submit a form to Revenue to pay income tax due on this work and on whatever form that is just include the withholding tax which would then be offset. Apologies for lack of knowledge but it's my first time in this situation

cherrytaz

Anyone?

DmanDmythDledge

Sounds like you should submit a Form 12 and declare your PAYE income and non-PAYE income on that. You can submit a Form 12 via the Revenue myAccount.

Cherry Blossom

You need to fill in a form 12 by October of whatever year you earned the money. You can do this online but you need to register with ROS first and that takes about 3 weeks. I'm not 100 percent sure but once you do that you may have to file a tax return every year.

Alternatively you could ring them up and have them adjust your tax credits to take account of it so it would then be paid via your wages.

cherrytaz

Brilliant, thanks folks. So looks like a Form 12 and i'll fill out before October 2016 (work was carried out in November 2015)

Carawaystick

I'd fill it in as soon as you can, to get it into the revenue system, and then get yourself unregistered for self employed so you don't have to fill in a tax return every year from now on.

Cherry Blossom

October 15 was the deadline for any income earned in the whole of 2015. The year runs January to December. I would just ring them now and explain that you didn't realise you had to pay it in October and you didn't know in October that you would have that income anyway.

cherrytaz

adrenalinjunkie wrote: »

October 15 was the deadline for any income earned in the whole of 2015. The year runs January to December. I would just ring them now and explain that you didn't realise you had to pay it in October and you didn't know in October that you would have that income anyway.

Thanks for that. I didn't actually receive payment until January 2016 so hopefully that should help with things

scheister

adrenalinjunkie wrote: »

October 15 was the deadline for any income earned in the whole of 2015. The year runs January to December. I would just ring them now and explain that you didn't realise you had to pay it in October and you didn't know in October that you would have that income anyway.

Think you are slightly off with this one. When filing out a form 12 the return has to be made by the following October. So gains.profit made in 2015 have to pay and file by October 31st 2016

Carawaystick

That's for the first year Self employed.
The second year you've to pay 90%of your income tax by the same October deadline, even if you will only earn some unknown amount of income after the deadline passes....

Carawaystick

That's for the first year Self employed.
The second year you've to pay 90%of your income tax by the same October deadline, even if you will only earn some unknown amount of income after the deadline passes....

barneystinson

Carawaystick wrote: »

That's for the first year Self employed.
The second year you've to pay 90%of your income tax by the same October deadline, even if you will only earn some unknown amount of income after the deadline passes....

That's only correct if it's a chargeable person filing a Form 11. The preliminary tax rules don't apply to Form 12 filers.