Can any confirm that it is not necessary to register with the Revenue immediately if the additional source of income is from rental income (as is required with self-employment)?
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Nathan Hamill
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Notify by following 5th October
Under s.7 TMA 1970, you are required to notify chargeability to tax by 6 months after the end of the tax year in which a new source of income first arises, except where it has been taxed under PAYE or is dividends or has been taxed at source (e.g: interest) and is not liable to higher rate tax.
Under Reg.87 Social Security (Contributions) Regulations 2001, there is a requirement to register with the Revenue immediately on becoming liable to pay Class 2 NIC (i.e: on commencing self-employment). Failure to do so within 3 months of the end of the month in which self-employment commences results in a £100 penalty.