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Income tax-trying to fill Form 11 for the 1st time

  • 19-09-2017 09:57PM
    #1
    aoife70murphy
    Registered Users, Registered Users 2 Posts: 7 ✭


    Hi all,

    this is the first time i am trying to fill out my Form 11.
    the only thing i know 100 percent is that it's all about until 31st December 2016
    and that i have to submit by 31st October /or 10th November if submitted online
    all the rest is unsure... please help...

    my only income is BTEA -which goes line 239 on page no 14
    and some sales- line 125 on page 8
    So there are the questions i have on my mind:

    1. i have bough an exciting business? where about do i submit this?
    2. i was talks that computer, macintosh, camera, lenses i bough for my business is capital allowance. i put it line 113 page 5, but how it's calculated and effects my books
    3. expenses (like diary,stationary, iPad (yes,they told me iPad belongs to the category,but computer or mac is capital, awkward,right...) i believe i put it line 137 on page 8
    4. i was told to fill capital account and balance sheet- not a clue about this
    sole trader can have 2 in one-personal finances and business as a 1 bank account. ok,so i have to declare it all-any explanation...

    anything else i need
    i rang revenue and was simply told they did't know... that i needed an accountant.
    an accountant costs about 350 eur...
    but its only a few lines to be filled and seriously i can't afford it. i am not having any profit...

    also heard that i need to predict my income or profit for 2017. any idea how to do it and where to fill in it.

    i was advice to tick the box for tax credits (not sure what it doest)

    If somebody could help me on this, or send a link with samples and explanation, i would really appreciated this.

    Revenue is so unclear... i tough it would be a simple form for sole traders, but...its not.complicated enough for the first timers.

    Please HELP :)
    Cheers
    Tagged:


Comments

  • #2
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    Based on the above, you badly need to consult an accountant.


  • #3
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,166 ✭✭✭relax carry on


    Get an accountant. You should have discussed all of this before you started trading.


  • #4
    littlemissfixit
    Registered Users, Registered Users 2 Posts: 318 ✭✭littlemissfixit


    In the same boat, it seems ludicrous to have an accountant for just a small and very simple extra income, in my case anyway. I have sent inquiries through ROS but it says it could be 21 days before they reply. Will be following your thread, hope you get answers soon, very little help out there for self employed...


  • #5
    Squatter
    Closed Accounts Posts: 1,839 ✭✭✭Squatter


    littlemissfixit wrote: »
    In the same boat, it seems ludicrous to have an accountant for just a small and very simple extra income, in my case anyway. I have sent inquiries through ROS but it says it could be 21 days before they reply. Will be following your thread, hope you get answers soon, very little help out there for self employed...

    Whatever about your situation (and some of the questions that you posted on a nearby thread are pretty basic!) what the OP posted above certainly suggests to me that she probably needs the help of an accountant to get her started.

    For example: "i have bough an exciting business? where about do i submit this?" :confused:


  • #6
    littlemissfixit
    Registered Users, Registered Users 2 Posts: 318 ✭✭littlemissfixit


    Squatter wrote: »
    Whatever about your situation (and some of the questions that you posted on a nearby thread are pretty basic!) what the OP posted above certainly suggests to me that she probably needs the help of an accountant to get her started.

    For example: "i have bough an exciting business? where about do i submit this?" :confused:

    We are simply looking for help, or options. I know that ideally paying someone to do it would make it a lot easier, but coming on here looking for people's input might give us an alternative. And yes, questions are basic, that's where you start when trying to learn something new.


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  • #7
    Squatter
    Closed Accounts Posts: 1,839 ✭✭✭Squatter


    littlemissfixit wrote: »
    We are simply looking for help, or options. I know that ideally paying someone to do it would make it a lot easier, but coming on here looking for people's input might give us an alternative. And yes, questions are basic, that's where you start when trying to learn something new.

    My suggestion stands.

    You're so far from the starting line that I reckon you need a bit of help to get you there!


  • #8
    Ten Pin
    Registered Users, Registered Users 2 Posts: 2,923 ✭✭✭Ten Pin


    Have a read of this page from Revenue website.

    There's a PDF guide on that page that may be of help.

    There's a revenue application for desktop/laptop.

    If you're going to submit the return on line you need to register for ROS.


  • #9
    raymick
    Registered Users, Registered Users 2 Posts: 88 ✭✭raymick


    I worked on rct basis for 4 weeks I got a tax band of 20% but that’s all I know the rest of the year before and after the 4 weeks in August I was a paye worker. Now I have to fill in a form 11 and I am baffled if my calculations are right I owe a huge amount of tax my p60 shows a very small amount of tax payed through paye maybe with having had 3 jobs and paid emergency tax I also never realized I had to put my wife’s careers allowance on my tax maybe this will make it even more that I owe can anyone advise


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