Income on the side - forms? minimum to declare?

TechmanTim · 05-10-2016 10:43AM #1

5 years ago I set up a community website/forum which has become quite popular. A few businesses asked how much it would cost to advertise on the site. I gave them a price and they agreed.

I now get around €1500/yr from this side project.

I'm not registered as a company. I am employed full time now and my employer handles all my regular income/PAYE tax forms.

To be tax compliant I assume I need to declare this addition income but don't know where to start. I am happy to pay whatever tax is due and would rather be above board. I'm hoping to build this side project up to €10k/year over the next few years.

Should I register as a business or declare this as additional personal income?

What forms should I be filling out? Can/should these be back-dated for the last 5 years.

The companies advertising require invoice and receipt - should I be charging VAT on this and passing this on?

Since this is generally considered small-money (significant for me), is it below any allowances for requirements to registering etc.?

Lots of questions - thanks for any pointers to get me above board...

Geuze · 05-10-2016 01:42PM

1500 per year, fill in the standard Form 12 tax return that people use.

Form 12 is for people with PAYE income and small extra income.

The elctronic version is easier, I presume.

http://www.revenue.ie/en/online/eform12/

As you seem to have not paid tax on previous year's income, you may face trouble / difficulties.

You have until end of Oct to declare income of previous year.

Aceandstuff · 05-10-2016 01:51PM

What if I'm in a similar situation, but not employed, employed in a different country for half of the year (and tax compliant in that country), and then back in education? Could I get in trouble with roughly the same sum of money if it comes from a number of sources, such as different customers?

Income on the side - forms? minimum to declare?

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