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*tax issues* - nixer ??

  • 09-08-2002 9:50am
    #1
    whiteshadow
    Registered Users, Registered Users 2 Posts: 771 ✭✭✭


    Some advice needed?

    I have been working fulltime for just under 2 years now, occasionaly i do the odd web-design nixer,

    up until now i have been lucky in that i have been doing
    sites for friends/collegues etc. :D

    but i am doing a site now for a chartered accountancy firm...
    I am about to invoice them.

    What i need to know is i quoted them a price, but do i
    need to be taxed on this. Should i say i'll sort out my own tax and hope that i get away with it, or should i get them to give me my asking price after tax.. i have no business name set up etc.

    any other contractors out there that can offer any advice on doing up my invoice, and not paying loads of tax on a smallish earner??? :rolleyes:


Comments

  • #2
    WhiteWashMan
    Registered Users, Registered Users 2 Posts: 20,099 ✭✭✭✭WhiteWashMan


    i would assume that if you are doing contracts the you have your own business set-up and when asked to tender for a contract you had all the right credentials.
    right?

    you do your own tax as a contractor.


  • #3
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    I assume you have a VAT number or something similar. Invoice them with your price and then add on VAT at whatever rate it is for your service (probably 21%). Then you prepare your VAT returns and send off that amount to the Revenue Commissioners (with all the other VAT you've charged over the year). Your clients, being chartered accountants, are definitely going to want to claim that VAT back (because they can).

    If you haven't got yourself sorted, you could negotiate a non-taxed cash deal with them. I'm not entirely sure on what the deal is with contractors, maybe you don't need a VAT no. You're working for chartered accountants - so ask them!

    :)


  • #4
    Boston
    Closed Accounts Posts: 17,163 ✭✭✭✭Boston


    You have two options as far as income tax

    1) Holdings taxes Where they(the Firm) deduct it from you at source and they pay it to the RC, for professionals its at 35%, since I don't know the exact details its could either be at the standard rates, the firm should be able to tell you this.

    2) You handle it and file a self assessment return at either the higher or lower tax bracket (depending on your net income level through out the year)which is taken into account with your paye contributions and tax free allowances,

    As far as VAT goes your not registered for vat (be very strange if you were) therefore you don't have to charge them vat, therefore they don't have to claim it back. Its all legal since there's a minimum level of something like 20,000 a year(don't quote that figure) before you would have to register for vat. (that's for services though)


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