Running business alongside full time job

mark71

Hi,

I recently setup a company (Ltd), and I am 100% shareholder and one of directors. However, for now I am not employed in this company, neither I am getting any money out of it. I have still full time job with other company and they pay my PAYE and PRSI.

Could anybody please give me an advice me (or point me to relevant source) what kind of tax returns, if any, I (as an individual) have to fill.

Do I have to be employed in the company I am director of?

Thanks
Mark

Wacko_Jacko

mark71 wrote:

Hi,

I recently setup a company (Ltd), and I am 100% shareholder and one of directors. However, for now I am not employed in this company, neither I am getting any money out of it. I have still full time job with other company and they pay my PAYE and PRSI.

Could anybody please give me an advice me (or point me to relevant source) what kind of tax returns, if any, I (as an individual) have to fill.

Do I have to be employed in the company I am director of?

Thanks
Mark

Eh why did you set up a company if you don't know what your legal obligations are with regards to filing tax returns? You've to file 6 months after formation and annually thereafter otherwise you'll get in to lots of trouble.

Anyway, you'll find all the info you need at www.cro.ie

mark71

Wacko_Jacko wrote:

Eh why did you set up a company if you don't know what your legal obligations are with regards to filing tax returns? You've to file 6 months after formation and annually thereafter otherwise you'll get in to lots of trouble.

Anyway, you'll find all the info you need at www.cro.ie

I guess you are talking about Annual Return, but that's not what I asked for. I am aware of all my legal obligations as a company director.

My question was whether I have to be employed in a company I am director of, if I already have a full time job with other company. I believe I don't, and then my question is whether I have to file any additional tax returns as an individul.

Please note that I don't have any income from my new company, and my current employer pays my PAYE and PRSI.

madramor

Wacko_Jacko wrote:

Eh why did you set up a company if you don't know what your legal obligations are with regards to filing tax returns? You've to file 6 months after formation and annually thereafter otherwise you'll get in to lots of trouble.
Anyway, you'll find all the info you need at www.cro.ie

thats not your tax returns, you file tax returns with the revenue not cro

mark71 wrote:

I am aware of all my legal obligations as a company director.

except
Do I have to be employed in the company I am director of?
no

whether I have to file any additional tax returns as an individul.
no

Kinetic^

madramor wrote:

whether I have to file any additional tax returns as an individul.
no

He has to file a Form 12.

mark71

Keyser Soze 69 wrote:

He has to file a Form 12.

Thanks Keyser, that's the answer I was looking for.

I've got confused with the Form 11 which is for self-assestment individuals, and didn't realised there is a form for PAYE individuals.