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Tax of income from selling online

  • 14-07-2017 2:11pm
    #1
    afshinmeh
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi all,

    I'm a full-time software engineer and I have paid (actually the company that I work for paid) all the tax records, forms, etc. for my full-time job.

    Now, I want to start a consultant job with a company in US and the revenue from this activity will be about $500 per month. My question is, should pay tax for this? I don't sell any physical items and there is no delivery at all.

    Does anyone know how can I deal with this situation? Thanks!
    Tagged:


Comments

  • #2
    Dymo
    Registered Users, Registered Users 2 Posts: 1,565 ✭✭✭Dymo


    All of your income is taxable €33,800 20% and the balance at 40% higher level if you're married single income.

    You add any extra income to your current income and it's all classed and taxed as income.


  • #3
    afshinmeh
    Registered Users, Registered Users 2 Posts: 3 ✭afshinmeh


    Dymo wrote: »
    All of your income is taxable €33,800 20% and the balance at 40% higher level if you're married single income.

    You add any extra income to your current income and it's all classed and taxed as income.

    I see. and how can I calculate how much tax should I pay for that extra income? Should I pay that tax by the end of the year?

    What if I register a business name? does it changes anything at all?

    Thanks!


  • #4
    ted1
    Registered Users, Registered Users 2 Posts: 23,891 ✭✭✭✭ted1


    afshinmeh wrote: »
    Dymo wrote: »
    All of your income is taxable €33,800 20% and the balance at 40% higher level if you're married single income.

    You add any extra income to your current income and it's all classed and taxed as income.

    I see. and how can I calculate how much tax should I pay for that extra income? Should I pay that tax by the end of the year?

    What if I register a business name? does it changes anything at all?

    Thanks!
    It's treated as any other income so USC, PRSI and PAYE. Which would more then likely all be at the higher rate.

    with 6k USD a year it wouldn't be worth your while registering as a business as you'd stilll be paying VAT and other taxes.


  • #5
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    afshinmeh wrote: »
    I see. and how can I calculate how much tax should I pay for that extra income? Should I pay that tax by the end of the year?

    What if I register a business name? does it changes anything at all?

    Thanks!

    If your taxable net income from your non paye job is under 5000 euro per year, you declare it on a form 12 tax return. You can do this anytime after the end of the tax year. For example if you are earning this income in 2017, you declare in next year when you file your 2017 tax return.

    http://www.revenue.ie/en/additional-incomes/is-your-extra-income-taxable/index.aspx


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