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Sole Trader - Earned Income Tax Credit

  • 02-10-2020 12:06pm
    #1
    [Deleted User]
    Posts: 0 ✭


    Hi,

    I just wanted to confirm that I should be entitled to the Earned Income Tax Credit as it does not appear as something that I can add in either myAccount or ROS.

    My only source of income is as an online freelance worker. I registered for income tax using eRegistration a few months ago (didn't use the TR1 form as my income is below the threshold for VAT, I have no staff, clients etc.) and can log in to ROS to fill in Form 11 etc. just fine. Does this eRegistration step alone make me a sole trader, or is there an additional step that I need to do before I am eligible for this tax credit?

    Thank you for your help in advance! :)


Comments

  • #2
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    If you have ROS access go to the Revenue Record tab then on the left select Registration Details. If you see your PPS number followed by Income Tax and a registration start date then you're registered as self-employed for Income Tax. You don't have to do anything else.

    If you're trading as self-employed and don't have PAYE or other income giving entitlement to the PAYE/Employee tax credit (as you suggest is the case) then you would be entitled to the earned income tax credit. You claim it on the Form 11 when filing it by ticking the relevant box. It is worth a maximum of €1,500 in 2020.


  • #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Hi,

    Thank you for the quick and detailed reply, much appreciated. :)

    Yes I can confirm that I see as you stated in registration details.

    I was in the process of filling Form 11 out earlier and I believe that I didn't see any option to include an Earned Income Tax Credit. I then decided to check what tax credits I have claimed in ROS/myAccount and I saw this and this with seemingly no way of adding the Earned Income Tax Credit. Should I be expecting to see the Earned Income Tax Credit in this section either as already added or as being possible to claim?

    Is there possibly some step that am I missing after becoming registered as self-employed for Income Tax before I am considered eligible for this credit? Or could there be some other reason this credit is not appearing for me? (And yes I have no PAYE earnings or other income.)

    Thanks again! :)


  • #4
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    I believe you are looking at the MyAccount section which you would have had presumably already before registering as self-employed if/when you were a PAYE employee. I don't think you'll see the EI credit there.

    You claim it on the Form 11 in the Tax Credits section. It's just below the boxes for personal credit & employee credit. It's a tick box. Then when you've all the other entries all in you can see at the computation screen where it is allowed on the Form 11 before submitting.


  • #5
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Stratvs wrote: »
    I believe you are looking at the MyAccount section which you would have had presumably already before registering as self-employed if/when you were a PAYE employee. I don't think you'll see the EI credit there.

    You claim it on the Form 11 in the Tax Credits section. It's just below the boxes for personal credit & employee credit. It's a tick box. Then when you've all the other entries all in you can see at the computation screen where it is allowed on the Form 11 before submitting.

    Thank you again for your reply. :)

    I must not have seen that checkbox when I previously looked, I'll be sure to keep an eye out for it when I return to the form.

    Thank you again for your help. :)


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