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10 months, sole trader...do I make a tax return

  • 04-11-2016 1:15pm
    #1
    BobberC
    Registered Users, Registered Users 2 Posts: 7 ✭


    Hi,
    It's hard to get a yes or no...do I need to make a tax return before the 10th of November for income etc for the last 10 months.
    I think I can wait till next Oct/Nov and make a tax return for 2016 and preliminary one for 2017.. would that be right? Thanks


Comments

  • #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    BobberC wrote: »
    Hi,
    It's hard to get a yes or no...do I need to make a tax return before the 10th of November for income etc for the last 10 months.
    I think I can wait till next Oct/Nov and make a tax return for 2016 and preliminary one for 2017.. would that be right? Thanks

    Think you've to do a preliminary one thing year for 2016


  • #3
    billcullen1
    Registered Users, Registered Users 2 Posts: 265 ✭✭billcullen1


    BobberC wrote: »
    Hi,
    It's hard to get a yes or no...do I need to make a tax return before the 10th of November for income etc for the last 10 months.
    I think I can wait till next Oct/Nov and make a tax return for 2016 and preliminary one for 2017.. would that be right? Thanks

    get peace of mind !


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


    BobberC wrote: »
    Hi,
    It's hard to get a yes or no...do I need to make a tax return before the 10th of November for income etc for the last 10 months.
    I think I can wait till next Oct/Nov and make a tax return for 2016 and preliminary one for 2017.. would that be right? Thanks

    This thread should be in "Taxation".

    The definitive answer is.....if you started in business after January 1st 2016 then your first tax return will be for 2016, and that (together with the return for 2017) will be due by the end of October 2018!! After that, you'll submit the return for each year by the end of October of the following year.

    Revenue give you an extra year to submit your first tax return.


  • #5
    leandrolorenzi
    Registered Users, Registered Users 2 Posts: 84 ✭✭leandrolorenzi


    I registered as a Sole trader in Nov 2015.
    My understanding is that I could choose my 'accountancy period' covering just the last two months of 2015 (Nov and Dec) , or even starting from Nov 2015 til Oct 2016, having to submit my first Tax Returns by Oct 2017. Is that correct?
    Do I owe any preliminary tax?

    Aside of that in 2015 I also had a small income through Airbnb, that I want to declare. Does this income fall into my overall tax return for 2015,and so I have until Oct 2017 to submit for it?


  • #6
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    If you commenced in 2015 then your first Income Tax return will be due by the end of October 2017. Your 2016 return will also be due on that date.
    There may be a small advantage in doing accounts up to the end of December 2016 rather than doing just 12 months. After the first accounting period you'll be stuck with the chosen year end.
    The income from Airbnb would be included in the 2015 return, yes.


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