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Start your own business + keep your day job?

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  • 16-11-2006 2:11pm
    #1
    davil
    Registered Users Posts: 352 ✭✭


    Hi all, I was just wondering as I am a complete business noob -
    is it possible to stay working in Ireland and register a company on the side?

    If so then great.

    I know this sounds like a stupid question but there are no answers on cro.ie or oasis.gov.ie or revenue.ie that I could find with quick searching and I want to do everything by the book for tax etc.

    Basically what I'm really asking is - if I am currently in a job, can I sell stuff on amazon or ebay without forming a company? If so, at what stage does it become that I am making too much money and I need to be a business?

    Also, if I want to just be a sole trader, do I have to register with CRO or just register for VAT purposes? and again my main question I suppose is : Can I be a sole trader and still work in my current job? I presume if I start making a certain income from both I'll just be taxed differently.

    Can somebody correct my ignorance please?

    Again sorry for my business stupidity.


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    #2
    BreadBoard
    Closed Accounts Posts: 902 ✭✭✭BreadBoard


    You can be employed and be self employed (ie Sole Trader). You don't have to reg with the CRO but it's only €30 (I did). You don't have to reg for VAT either;
    Who must register for VAT?

    You must register for VAT if you are a taxable person and your annual turnover (i.e. the amount of your receipts excluding VAT) exceeds or is likely to exceed the following annual limits


    €55,000 in respect of the supply of goods
    €27,500 in respect of the supply of services

    You may also be obliged to register for VAT if you receive taxable services from abroad or if you are a foreign trader doing business in the State.

    If you are involved in buying or selling goods within the EU you will need more detailed information and should refer to the comprehensive Guide to Value Added Tax which is available from any tax office.

    Also have a read of the TR1 form this is the form you will fill out when you decide to register.


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    #3
    davil
    Registered Users Posts: 352 ✭✭davil


    Thanks Bread

    I thought it might be something like that. I'll look into that. The terminology is still a bit hazy for me but I'll talk to an accountant I know and see how I get on. any other resources anyone can point me to?


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    #4
    BreadBoard
    Closed Accounts Posts: 902 ✭✭✭BreadBoard


    No problem. I'm still learning too and find it a difficult subject, but I've just jumped in with both feet and registered, I'll learn the hard way :D...

    I just found this - http://www.oasis.gov.ie/employment/starting_a_business/ - might be useful.


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    #5
    davil
    Registered Users Posts: 352 ✭✭davil


    yep seen that and will study in closer detail now but I just wasn't sure if I could trade + keep my day job. and you've put my mind to rest on that matter. Thanks again.


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    #6
    STaN
    Registered Users Posts: 2,127 ✭✭✭STaN


    be careful not to do your own work on company time or that if you are trading in a similar area that there is no conflict of interest with you salaried job!


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    #7
    davil
    Registered Users Posts: 352 ✭✭davil


    Thanks STaN I kinda guessed that though. as I said before I want it to be totally by the book.


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    #8
    delanest
    Closed Accounts Posts: 216 ✭✭delanest


    So, if you register a business name and work a day job how does this affect the tax you pay ?

    Do they add your salary to your business earning and then tax you on the total? Which would mean that all your business earnings would be taxed at the high tax bracket ??

    [sorry finally - in the beginner corner here too ..;) ]

    Is there a tax free allowance for a sole trader like there is for PAYE workers ? Do they affect each other


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    #9
    davil
    Registered Users Posts: 352 ✭✭davil


    Very good points. I would like to know all this too ;-) anyone?


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    #10
    ButtermilkJack
    Registered Users Posts: 632 ✭✭✭ButtermilkJack


    BreadBoard wrote:
    ...You don't have to reg with the CRO but...
    Be careful :rolleyes: , most likely you do have to register. It's only if you trade as your own name that you wouldn't have to register. Anything else and you do!

    Yes, your PAYE salary is taken into account and anything over and above is taxed at the relevant rate, ie: if you earn over €32k in your PAYE job, then all extra income is taxed at 42%, no extra allowances.


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    #11
    davil
    Registered Users Posts: 352 ✭✭davil


    ButtermilkJack wrote:
    Be careful :rolleyes: , most likely you do have to register. It's only if you trade as your own name that you wouldn't have to register. Anything else and you do!

    I half guessed that. Thanks though.
    ButtermilkJack wrote:
    Yes, your PAYE salary is taken into account and anything over and above is taxed at the relevant rate, ie: if you earn over €32k in your PAYE job, then all extra income is taxed at 42%, no extra allowances.

    ah... makes sense. If I earn 26k then, i'd have to earn another 6 in my other endeavours before I hit the higher rate? This actually seems to make a bit of sense finally.


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