We work with our clients to help minimise Income Tax liabilities. We will review available credits and deductions including qualifying expenses (medical, educational etc.) Self-assessment applies to the self-employed and those with income from non-PAYE sources.Those in receipt of PAYE income only do not have to register and file an annual Income Tax return.
Potential areas of self assessment income:
- Self Employed/ Consultancy Income: If you are carrying out a trade as an unincorporated entity, either as a sole trader or in a partnership you are required to calculate and return your annual declaration of income to Revenue.
- Rental Income: We will advise you as to whether your rental income is outside of rental reliefs. We will assist you in computing your rental profits and advise on allowable rental expenses. We can prepare a rental income trading account and prepare the necessary income tax returns.
- Airbnb: Landlords utilising Airbnb are obliged to file income tax returns and are not entitled to the Rent-a-room allowance. See our article for more detail Advice regarding Airbnb income
- Blogging: If you receive products for review, freebies or make money from your blog, you must declare this for income tax. How you do this differs depending on your income and whether you are employed or self-employed.
- Cryptocurrency: Whether you are managing a portfolio full time, mining BitCoin or playing speculatively for the Gold Rush you must still declare your income and/or profits. We can help you to prepare CGT returns ans/or income tax returns as required. For more information read our Blog post: Cryptocurrency & CGT