What obligations & dates do I need to be aware of if I go freelance?

When you first embark on a career as a freelancer you need to register for income tax and then pay tax under the self-assessment system each year. You can use Revenue Online Service (ROS) to register for Income Tax.

The deadline for filing your tax return is 31 October i.e. your 2018 tax return needs to be filed by 31 October 2019. If you file and pay your taxes online there is an extension of this deadline to the second week in November.

You will also need to pay preliminary tax in advance of the annual income tax deadline outlined above. Preliminary tax is an estimate of tax due for your current trading year i.e. a preliminary tax payment for your 2019 tax liability must be paid by 31 October 2019

You should also explore whether you need to register for VAT. Businesses can voluntarily register for VAT if they wish, but if the turnover of a business exceeds certain limits then they are obliged to register and charge VAT on their services.

Remember to keep details records of all purchases, money received, and money paid out!

Date published 24 Apr 2019

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.