Sole Traders

If you are operating as a sole trader (web developer, engineer, electrician, doctor, taxi driver, consultant, hairdresser or other specialist service provider) or you are a freelancer, then you have to file an annual tax return Form 11 and self-assess for income tax.

The annual tax return needs to include all other sources of income you had during the tax year (such as other PAYE income, dividends, deposit interests, etc.) and needs to be submitted to Irish Revenue by the 31st October following the end of the tax year.

We will guide you through the registration process, prepare your Sole trader tax return and submit it to Irish Revenue. When you register with us your dedicated Account Manager will make sure you don’t miss the annual deadline and you are fully compliant with tax regulations.

Tips and tricks

Starting from 2016 tax year, taxpayers earning self-employed trading or professional income can now claim Earned Income Tax Credit of €550.

In addition to that new tax credit, a Sole trader can also claim a range of expenses as far as they are directly related to the running of the business:

  • Purchase of goods
  • Wages and related costs, rents and repairs
  • Utilities such as lighting and heating etc.
  • Machinery/Vehicle running costs
  • Interest paid on business loans
  • Lease payments on certain assets
  • Accountancy fees

It is important to note that you should keep a detailed track of all expenses you had throughout the year to be able to use them to reduce your tax liability. Documentary evidence such as invoices, bank statements, receipts for purchases, mileage records.

Our experienced tax specialists developed a friendly tax questioning pack ensuring you will not miss any reliefs and tax deductions you may be entitled to in order to minimize your tax liability.

Register now to start your Sole Trader tax return today!