Taxes - Money from your hobby

Ovidiu · 2016-10-23 15:45:36

Hi all I have a hobby, which is beekeeping. How can I sell my honey legal and how will affect my taxes. I'm employed here in Ireland and selling honey will be only in small amounts. The apiary that I have is in Romania. Thankyou

23-10-2016 04:45PM

#1

Ovidiu

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Join Date: October 2016

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Hi all

I have a hobby, which is beekeeping. How can I sell my honey legal and how will affect my taxes. I'm employed here in Ireland and selling honey will be only in small amounts. The apiary that I have is in Romania.

Thankyou

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#2 24-10-2016 12:13PM

gerrybbadd

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How to sell is not really a tax query.

In relation to the profits from sale, if the income is less than 5000 per year, you can have the tax affairs dealt with through the PAYE system. You could have your tax credits reduced, meaning that any tax liability due on the honey will be collected through your employment.

If the income is over 5000, then you will have to register as self assessed for tax purposes, and submit a tax return, called a Form 11, each year.

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