IFF taxation consultation thread (3 Viewers)

[Diddles]

Dear IFF,

What's the story with PRSI for a self-employed person? I paid tax last October for 2006 and prelim for 2007. I only got a receipt from the tax office saying I have paid money to them, but it doesn't mention any PRSI contribution.

As far as I can figure out from the internets the Revenue take the PRSI out of me tax and I don't have to do anything myself. Is this true?

Am I entitled to claim PRSI benefit type stuff?

Please say yes or I am fucked.

W00t! I'm grand. Thanks, me

 

[theweeyin]

Dear IFF

This is a deadly thread, even though it is no use to me personally as I don't pay tax in Ireland. Imho you should charge for this service.

Kthbi

 

[therealjohnny]

Hasthis been asked/answered already...

as a part time freelancer I occasionally get paid

Ive never bothered to register VAT or anything as the sums are small and sporadic

But I'd like to up my game a bit and start behaving like a grown up businessman

What do I need to do? I think I need a VAT number for my "business"?


Is this the right thread for this stuff?

 

[Mormon Nailer]

Hasthis been asked/answered already...

as a part time freelancer I occasionally get paid

Ive never bothered to register VAT or anything as the sums are small and sporadic

But I'd like to up my game a bit and start behaving like a grown up businessman

What do I need to do? I think I need a VAT number for my "business"?


Is this the right thread for this stuff?

It may not be worth your while registering for Vat - if the amounts are small I'd be inclined to hold off registering untill you absolutely have to - ie untill you reach the threshold.

 

[therealjohnny]

Thats what I thought, and have been doing

But I get the impression that clients think "amateur chancer" when the see an invoice that doesn't have all the guvnmint stuff on it

 

[magicbastarder]

IFF; i went through a separation in the early 90s, a period when i was keeping large amounts of money, given to me by my mates, in a safe. now the revenue are after me. what should i do?

 

[therealjohnny]

If i was you I'd get all huffy and tetchy and call everyone begrudgers

 

[Mormon Nailer]

Thats what I thought, and have been doing

But I get the impression that clients think "amateur chancer" when the see an invoice that doesn't have all the guvnmint stuff on it

You could use your own PPS number on the invoice if you like - it doesn't strictly have to be a vat number.

I dont think people care too much as long as the invoice in't on the back of a napkin.

I wouldn't be throwing away money on unecessary vat just for appearances sake.

 

[therealjohnny]

yeah i've been using a makeyuppy number but you're right- no sense in throwing money away for no good reason

ta

 

[IFF]

IFF; i went through a separation in the early 90s, a period when i was keeping large amounts of money, given to me by my mates, in a safe. now the revenue are after me. what should i do?

good question. my advice is as follows:

- accuse those who say you acted improperly and that you're tax affairs are not in order as being a liar and keep insisting your tax affairs are in order and all liabilities are in order despite the fact that they are not in order
- ignore the fact when calling the people liars that you don't have a tax clearance cert that
- accuse the media and the revenus are being "smokes and daggers"
- keep changing your story so no one knows what's actually going on
- give some cushy numbers to journalists in a Newspaper group that controls most of the newspapers sold in ireland (for example, one collkumnist can be a senator. a political correspondant in a daily "broadsheet" could become press secretary and another political correspondant for one of the tabloid dailys could bethe assistant press secretary). This ensures alot of sympathethic responses from the mass media

but one thing never ever accept any responsibility or blame.

 

[mr pharmacist!!!!1]

Hasthis been asked/answered already...

as a part time freelancer I occasionally get paid

Ive never bothered to register VAT or anything as the sums are small and sporadic

But I'd like to up my game a bit and start behaving like a grown up businessman

What do I need to do? I think I need a VAT number for my "business"?


Is this the right thread for this stuff?

so you dont pay tax?

 

[IFF]

You could use your own PPS number on the invoice if you like - it doesn't strictly have to be a vat number.

I dont think people care too much as long as the invoice in't on the back of a napkin.

I wouldn't be throwing away money on unecessary vat just for appearances sake.

yeah i've been using a makeyuppy number but you're right- no sense in throwing money away for no good reason

ta

the pps number would be the same as the vat number if you were to become registered

obviously you don't supply services of 35,000 but here's a question. the people who you supply the services to, would they be registered for vat? if this is the case, then they can claim back the vat paid to you. therefore there is no extra cost to either you or them . it would go on top of your bill. therefore it is not a cost to either of you.

though you probably don't have much expenses that can be calaimed back and then if yo don't have to register but do, creates paper work and paper work is a nuisance

 

[therealjohnny]

the pps number would be the same as the vat number if you were to become registered

obviously you don't supply services of 35,000 but here's a question. the people who you supply the services to, would they be registered for vat? if this is the case, then they can claim back the vat paid to you. therefore there is no extra cost to either you or them . it would go on top of your bill. therefore it is not a cost to either of you.

though you probably don't have much expenses that can be claimed back and then if yo don't have to register but do, creates paper work and paper work is a nuisance

Thanks for clearing that up- I wasn't sure how it actually works

 

[classic seanc]

IFF

What'd be the craic with having multiple employers? Let's say they're all paying you PAYE-wise rather than you being self employed.

Is it complicated to sort out your tax at the end of the year? How does it work like?
Does one have to inform each employer of the other employers?

 

[IFF]

IFF

What'd be the craic with having multiple employers? Let's say they're all paying you PAYE-wise rather than you being self employed.

Is it complicated to sort out your tax at the end of the year? How does it work like?
Does one have to inform each employer of the other employers?

the complication in this comes with the tax deduction cards which would be issued to both employers. these would separate the tax credits between each employer (say half to A Ltd and half to B Ltd)

As both employer would know their share of yoiur tax credits from revenue and their share of your cut of point (when you pay 41%)

you can ring revenue to revise the allocation of your tax credits between employers

if with first employer there is unused tax band or credits, while with other you're paying yax at 41% because of no cut off point. it's well worth changing credits and giving some credits to the other employment

due to tax deduction card system, the employer would know of being employed by both companies as long as you filled out the proepr form as a new employee when you started

this would have been given to you by employer

 

[Gambra]

Yo IFF, hoping you can help me out on this one. I'm applying for Arts Council funding for a large (-ish) festival in August and there's a bit about tax I'm not clear about. A plain english explanation will be muchos appreciated. What is it, when do I need it and how do I get it.

The ‘tax reference number field’ is a requirement of the Revenue Commissioners. If you are awarded over €635, you must supply this number in order to get paid. However, you are not required to have this number before applying for a grant. If you are awarded over 6,350 you will be required to send in a tax clearance certificate in the name of your organisation.

 

[classic seanc]

the complication in this comes with the tax deduction cards which would be issued to both employers. these would separate the tax credits between each employer (say half to A Ltd and half to B Ltd)

As both employer would know their share of yoiur tax credits from revenue and their share of your cut of point (when you pay 41%)

you can ring revenue to revise the allocation of your tax credits between employers

if with first employer there is unused tax band or credits, while with other you're paying yax at 41% because of no cut off point. it's well worth changing credits and giving some credits to the other employment

due to tax deduction card system, the employer would know of being employed by both companies as long as you filled out the proepr form as a new employee when you started

this would have been given to you by employer

Another thought occurs....

What if you're temping with 3 or 4 agencies, all of which are giving different amounts of work on different weeks.

Would you have to look at your earnings from each at the end of the year and then call the tax people to apportion them? Is this as complicated a process as I imagine it is?

 

[IFF]

Another thought occurs....

What if you're temping with 3 or 4 agencies, all of which are giving different amounts of work on different weeks.

Would you have to look at your earnings from each at the end of the year and then call the tax people to apportion them? Is this as complicated a process as I imagine it is?

do you mean apportion tax credits for 2007 in 2008?

This would get messy as the agencies involved would be in the middle of doing all their PAYE returns

the thing i would advise to do is come february when you recieve all the P60's from the agencies. contact the revenue and apply for a refund, if any, of the taxes owed

alos another thing to do is if you are renting a flat, claim this on tax (it's allowable) and any medical expenses or bin charges at the same time if you have any

of course, it'd really suck if you owed the revenue tax and not the other way round. hopefully this is not the case

 

[IFF]

Yo IFF, hoping you can help me out on this one. I'm applying for Arts Council funding for a large (-ish) festival in August and there's a bit about tax I'm not clear about. A plain english explanation will be muchos appreciated. What is it, when do I need it and how do I get it.

this would be the equivalent of the PPS number for companies or partnerships

it depends on how you applied for the grant. was it in your own name or was it in the festival's name

if own name: your pps number would suffice
if festival or business name: the equivalent to the pps number

i don't think that explains it

if you've done it through business name and it's not been registered, go to http://www.revenue.ie/index.htm?/publications/curntfms/curfrms.htm i'm sure which is appropriate as i don't know the exact details but maybe voluntary not for profit might be. this be for a charitbable organisation

it really depends on the legal format of the organising person

sorry if it doesn't clarify things

 

[mr pharmacist!!!!1]

why can't it be easy ffs.