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Easiest way to declare extra income?

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  • 09-07-2020 8:18am
    #1
    Registered Users Posts: 64 ✭✭


    Hi,
    I am a paye worker ( school teacher). A few years ago I was self assessed through ROS for extra music tuition I did at home. I ceased doing it a few years ago (not worth hassle!)
    I also play music in my local church. This isn't a paid position, although there is a fund to reimburse for any expenses. I do it as a favour/ out of good will.
    However, recently I've been asked to play at funerals a few times. There is a set fee for this (in any church) and the undertakers have handed me a cheque each time. (Haven't lodged any yet as am unsure what to do)
    I presume I need to declare this, and if so, what's the easiest way? There would generally be v few in the year, I might make 500 euro if I'm lucky (before expenses of traveling, photocopying, buying music, etc). Do I wait until the end of the tax year or do something now?
    I am absolutely clueless in this. The income is v small and I certainly don't do it for the money,when you take out the expenses it's v little, so might not be worth the hassle of doing it at all! Thanks in advance.


Comments

  • Moderators, Business & Finance Moderators Posts: 6,245 Mod ✭✭✭✭Sheep Shagger




  • Registered Users Posts: 69 ✭✭doh1988



    Is the 5K Gross or Net earnings?

    I understand once you go over 5K you have to register as self assessed and submit a return yourself , is it worth paying a tax accountant for help/advice or is it something easily done yourself?


  • Moderators, Business & Finance Moderators Posts: 6,245 Mod ✭✭✭✭Sheep Shagger


    doh1988 wrote: »
    Is the 5K Gross or Net earnings?

    I understand once you go over 5K you have to register as self assessed and submit a return yourself , is it worth paying a tax accountant for help/advice or is it something easily done yourself?

    Gross.

    Often it is worth getting an accountant as you can write their cost off as an expense (certainly as a landlord anyway).

    The OP is well below that level...


  • Registered Users Posts: 64 ✭✭Corkie100


    Thanks. I was on that myaccount link, but still wasn't sure where the income would go, do I register it as 'new job'? Also what I'm wondering is do I need to do something immediately now or do it at end of year?


  • Moderators, Business & Finance Moderators Posts: 6,245 Mod ✭✭✭✭Sheep Shagger


    Corkie100 wrote: »
    Thanks. I was on that myaccount link, but still wasn't sure where the income would go, do I register it as 'new job'? Also what I'm wondering is do I need to do something immediately now or do it at end of year?

    I'd need to have a look in my account again, it's been a while.

    You have until 31/10 the year after the income was earned to file.

    Some would say for such a small amount you shouldn't bother, that call is up to you...


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  • Registered Users Posts: 16,167 ✭✭✭✭y0ssar1an22


    review your tax for 2019, request statement of liability, complete your income tax return, other income -> trading income.

    gross income will be the total earned in 2019.

    adjusted profit will be how much is taxable after accounting for expenses.


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