The Self Employment Profit and Loss Form is a fundamental document required by Irish tax law for all self-employed individuals and sole traders operating in Ireland. This form must be completed annually as part of the tax return process and submitted to the Irish Revenue Commissioners. It captures comprehensive financial information including all business income, expenses, capital allowances, and other relevant financial data necessary for tax assessment. The document is designed to comply with Irish tax legislation, including the Taxes Consolidation Act 1997, and serves multiple purposes including tax compliance, business performance assessment, and financial record-keeping. It's particularly crucial for maintaining transparency in business operations and ensuring accurate tax calculations for self-employed individuals.
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1. Personal Information: Business owner's details including name, PPS number, trading name, and business address
2. Accounting Period: The tax year or accounting period the form covers
3. Business Information: Nature of business, trade description, and registration details
4. Income Summary: Total sales, receipts, and other business income for the period
5. Cost of Sales: Opening stock, purchases, direct costs, and closing stock calculations
6. Business Expenses: Detailed breakdown of all allowable business expenses
7. Capital Allowances: Details of capital purchases and claimed depreciation
8. Net Profit Calculation: Final calculation of taxable profit or loss
9. Declaration: Signed statement confirming the accuracy of the information provided
1. VAT Details: Required if business is VAT registered, including VAT number and period returns
2. Employee Information: Required if the business has any employees, including PAYE/PRSI details
3. Vehicle Expenses: Required if claiming motor expenses, including detailed mileage log
4. Home Office Expenses: Required if claiming home office expenses, including calculation method
5. Subcontractor Details: Required if using subcontractors, including RCT (Relevant Contracts Tax) information
6. Foreign Income: Required if receiving income from overseas sources
7. Partnership Details: Required if business is operated as a partnership
1. Schedule A - Detailed Income Breakdown: Itemized list of all income sources and amounts
2. Schedule B - Expense Receipts Summary: Detailed listing of all expense receipts and categorization
3. Schedule C - Asset Register: List of business assets and their depreciation status
4. Schedule D - Mileage Log: Detailed record of business travel and vehicle expenses
5. Schedule E - Bad Debts: List of any bad debts written off during the period
6. Appendix 1 - Bank Statements: Copies of business bank account statements for the period
7. Appendix 2 - Receipt Copies: Copies of major purchase receipts and significant expenses
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Construction
Retail
IT and Technology
Creative Industries
Healthcare
Consulting
Agriculture
Transport
Real Estate
Education
Hospitality
Trade Services
Financial Services
Entertainment
Relevant Teams
Finance
Accounting
Tax
Compliance
Legal
Audit
Business Advisory
Risk Management
Relevant Roles
Self-employed Professional
Sole Trader
Freelancer
Independent Contractor
Tax Consultant
Accountant
Financial Advisor
Business Advisor
Tax Manager
Compliance Officer
Financial Controller
Bookkeeper
Audit Manager
Business Owner
Finance Director
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