when to report extra income tax ?

scamalert

searched revenue but its a bit grey area with examples they give,


say someone makes gift custom items - or provides service and make 3-4 hundred a year does that need to be declared under self assesment to revenue, also would that mean person needs to register as sole trader.


as having debate over selling on ebay, most insist there, one needs to be register business if they provide service or make items - no issue with that, but if one makes like 10ner every couple months is it really legally worth the waste of time to go online to report making few euro on the side, not talking thousands a year.


anyone with better understanding on this take ?

relax carry on

scamalert wrote: »

searched revenue but its a bit grey area with examples they give,


say someone makes gift custom items - or provides service and make 3-4 hundred a year does that need to be declared under self assesment to revenue, also would that mean person needs to register as sole trader.


as having debate over selling on ebay, most insist there, one needs to be register business if they provide service or make items - no issue with that, but if one makes like 10ner every couple months is it really legally worth the waste of time to go online to report making few euro on the side, not talking thousands a year.


anyone with better understanding on this take ?

Use an Eform 12 to declare it to Revenue if the taxable income is so small and you've other PAYE income.

scamalert

relax carry on wrote: »

Use an Eform 12 to declare it to Revenue if the taxable income is so small and you've other PAYE income.

does having other income or not makes difference ?



also daft but obvious example say one has car or two - they decide to get rid of them, does that mean same they would need to report that as their side income?


just general scenario that happens quite often where person buys x car imports it and sells for profit, maybe once or twice every couple years as dont imagine people in such business go to pay tax on whatever they make, well i could be wrong but reality ?

L1011

Selling your own car isn't income. Importing cars for profit is. Getting away with it doesn't mean it's tax free!

scamalert

i get that as said just example, what i dont get that every euro has to be declared, as in isnt there some minimum amount that one has to make before actually declaring income for tax, more like actual question.

Since mostly interested, as UK regulations seem different, if not mistaken its 1k pound and anything after that has to be declared and is taxable fully even if its a pound over 1k, but as far as looked on revenue here seems such exception doesn't exist.

relax carry on

scamalert wrote: »

i get that as said just example, what i dont get that every euro has to be declared, as in isnt there some minimum amount that one has to make before actually declaring income for tax, more like actual question.

Since mostly interested, as UK regulations seem different, if not mistaken its 1k pound and anything after that has to be declared and is taxable fully even if its a pound over 1k, but as far as looked on revenue here seems such exception doesn't exist.

There's no minimum. You declare what is your taxable income. Depending on the level of income and your circumstances the tax you pay could range from zero to quite a lot. That's it. Buying cars to sell at a profit is taxable source of income. Selling in your own car isn't.

scamalert

ok got it so no minimums but anything made on the side via any means should be declared, seems a bit flawed system but guess it is what it is.