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Taxation on self employed with zero income

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  • 19-11-2018 9:36pm
    #1
    brdst3r
    Registered Users Posts: 17 ✭


    IF a self employed person has *zero* annual income from business activity should he/she still submit the annual tax form 12 on ROS?
    Tagged:


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    #2
    Happy4all
    Closed Accounts Posts: 2,089 ✭✭✭Happy4all


    Yes..unless you have ceased to trade completely and re-register


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    #3
    brdst3r
    Registered Users Posts: 17 ✭brdst3r


    Thanks
    So how should I deregister?


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    #4
    wiggle16
    Moderators, Society & Culture Moderators Posts: 3,022 Mod ✭✭✭✭wiggle16


    You mean Form 11 I assume.

    You need to fill out a Tax Registration Cancellation Notification form 1 (google: TRCN1), indicate the taxes (in your case, self-assessed income tax) you wish to deregister for, and submit it to Revenue.

    Remember you should only do this if you ceased trading entirely and are no longer self-employed. If you are still self-employed but not making any money, you still have to file a Form 11


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    #5
    Victor
    Registered Users Posts: 78,303 ✭✭✭✭Victor


    If you made a loss, presumably you want those losses recorded to off-set against future profits?


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    #6
    brdst3r
    Registered Users Posts: 17 ✭brdst3r


    If I don't bother to submit the cancellation form and somehow forget to submit a zero income self-assesment through form 11/12 what might happen?


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    #7
    Tow
    Registered Users Posts: 6,723 ✭✭✭Tow


    brdst3r wrote: »
    If I don't bother to submit the cancellation form and somehow forget to submit a zero income self-assesment through form 11/12 what might happen?

    You can be fined.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



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    #8
    wiggle16
    Moderators, Society & Culture Moderators Posts: 3,022 Mod ✭✭✭✭wiggle16


    brdst3r wrote: »
    If I don't bother to submit the cancellation form and somehow forget to submit a zero income self-assesment through form 11/12 what might happen?

    You're obliged to submit your form. If you don't want to that's your issue. Why would you come on a tax advice forum and ask a question like that? You've been told what to do and you're too lazy to file a 1 page form to fulfil your obligations? Instead of wasting the time of people who took the time to advise you.

    If you are registered for income tax you are legally obliged to file a Form 11. Otherwise you deregister. If you forget, Revenue will look for the form and you can explain it to them.

    Honestly like.


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