Addional Income Tax

andy1619

I have been meaning to sort my tax out for a while as i have been getting sporadic additional income, i have kept track of every penny and intend on seeing an accountant ASAP.

I would like to know the best way of going about paying it. IE can you retrospectively setup a company or just pay in addition to my PAYE income. The income had expenses associated with it so it's not all profit.

Example of the income
2015: Income €3600 Cost Incurred: 1200 - Profit €1400 (all in 20% tax bracket)
2016: Income €2655 Cost Incurred: 1100 - Profit €1555 (All in 40% tax Bracket)
2017: Income €2820 Cost Incurred: 900 - Profit €1920 (All in 40% Tax Bracket)

Just a note; this is not a thread about avoiding tax, it's just about the best way to pay it. the income will continue as will the expenses which are directly related to it and i have invoices (its mostly facebook advertising).

Geuze

You simply fill in your Form 12 every year, like many other people.

If the extra profit exceeds 5k, switch to Form 11.

You have until 31-Oct.

So you are late for 2015 and 2016.

That may lead to difficulties with the Revenue.

Your acc will advise.