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Self Employment to Employee

  • 10-01-2018 10:32pm
    #1
    Happy Monday
    Registered Users, Registered Users 2 Posts: 1,216 ✭✭✭


    I am a self employed person but will be coming back to PAYE employment on 1 March 2018.

    What do I need to do with Revenue, tax credits and income tax returns?

    All help appreciated!

    HM:)


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    Happy Monday wrote: »
    I am a self employed person but will be coming back to PAYE employment on 1 March 2018.

    What do I need to do with Revenue, tax credits and income tax returns?

    All help appreciated!

    HM:)

    If the self employed income will be less than 5k, then you won't have to fill out a tax return (form 11), but you may have to do a Form 12 (PAYE return).

    You will need to complete a TRCN1 form to cancel your self assessment registration


  • #3
    joseph_a_f
    Registered Users, Registered Users 2 Posts: 13 ✭joseph_a_f


    When you begin your PAYE employment in March ask the employer for their tax registration number. Then contact Revenue PAYE section with this number and ask them to allocate your tax credits to this employment. If you provide an estimate of your self employment income for Jan - March 2018, Revenue can set aside a portion of your tax credits to cover this taxable income if requested.

    In regards to tax returns, you will need to contact Revenue to discuss what tax returns are outstanding as this will depend from case to case.


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


    joseph_a_f wrote: »
    When you begin your PAYE employment in March ask the employer for their tax registration number. Then contact Revenue PAYE section with this number and ask them to allocate your tax credits to this employment. If you provide an estimate of your self employment income for Jan - March 2018, Revenue can set aside a portion of your tax credits to cover this taxable income if requested.

    In regards to tax returns, you will need to contact Revenue to discuss what tax returns are outstanding as this will depend from case to case.

    I would be inclined to ask Revenue to put OP on a Week1/Month1 basis so that at least part of his tax credits and bands can be used to reduce the liability on his self-employed earnings.


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