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Carrying over credits from paye to sole trader

  • 22-06-2016 6:38pm
    #1
    hairyslug
    Registered Users, Registered Users 2 Posts: 2,596 ✭✭✭


    I'm currently a paye, I don't use all of my credits, if I continue to be a paye employee while setting up as a sole trader, can I use up the unused credits for the business.


Comments

  • #2
    DmanDmythDledge
    Registered Users, Registered Users 2 Posts: 890 ✭✭✭DmanDmythDledge


    They would, yes.


  • #3
    Bobby1984
    Registered Users, Registered Users 2 Posts: 269 ✭✭Bobby1984


    When you do a tax return for the year, it will include all our income. There will be no difference between Paye income and sole trade income apart from the fact that they will be on different lines on the Form 11. The tax credits will be deducted from the tax and then you will pay the balance to Revenue.


  • #4
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    There's one complication in that as a self-employed sole trader, you won't qualify for the PAYE credit (currently €1650) as that can only be used for PAYE income, but you may qualify for the self-employed equivalent (currently €550). If you have two streams of income, you can use both credits but only against the relevant source of income and the total credit claimed between the two cannot exceed €1650.

    As far as I'm aware, the intention is to increase that €550 to €1100 in 2017 and to €1650 in 2018 to level the playing pitch between self-employed and PAYE taxpayers. However.....I AM open to correction on this...


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