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Registering for Tax as a PAYE Worker

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  • 27-11-2007 5:24pm
    #1
    bearaman
    Registered Users Posts: 66 ✭✭


    Hi There,
    I'm a PAYE worker and I'm going to be starting off doing a bit of sole trader work next year. I've registered a business name and I'm going to register for income tax. Now, me doing a bit of extra work isn't forbidden by my contract but I'd still rather that my company didn't know. Will my registering for tax raise a flag with them in any way?
    Thanks,
    B.


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    #2
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    why do u need to register for IT as u are already in the net as PAYE? just add the additional sole trader income in when making the return, the one area of risk being if you claim any allowances that will turn up on your tax cert as processed by ur employer.

    As a Paye worker u will pay the higher PRSI rates on all ur income but the benefits are better


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    #3
    bearaman
    Registered Users Posts: 66 ✭✭bearaman


    Hi Ircoha,
    Thanks for the reply. If possible, I'd much prefer to keep my sole trader dealings seperate from my PAYE stuff. Is that possible?
    What I'd like to do is register for income tax and do a totally seperate tax return for my sole trader earnings from my PAYE earnings. I'd just prefer if my PAYE company didn't find out.
    Thanks again,
    B.


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    #4
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    PAYE only applies to employees. You can't really tie your sole trader earnings in with your PAYE tax.

    You want form TR1 from the revenue:
    http://www.revenue.ie/forms/formtr1.pdf

    Check out the revenue website for all the info you need on calculating your tax and submitting your return. Revenue are one of the few government departments that are efficient, informative and (ironically) enjoyable to deal with.


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    #5
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    As you want to go the ST route, am wondering what the PRSI position will be as you will be paying it twice:
    is the ST bit wasted?
    http://www.welfare.ie/topics/prsi/prsiclasses.html

    Having said that , keeping it separate from your employer will be tricky with emails, mobile phone calls etc. The electronic footprint we leave is scary.

    You say that it is not forbidden by your contract but rest assured that if they find out and your performance is ever subjected to scrutiny, they will use it against you.


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    #6
    antoinolachtnai
    Registered Users Posts: 9,794 ✭✭✭antoinolachtnai


    Tax thing shouldn't really raise a flag. Your tax free allowances will continue to be applied to your main income. Your full self-employed income will be taxable at the higher rate.

    It's a restriction of trade to impose a general condition forbidding working outside your main job. It's unclear to me that they could use it against you in a dispute unless there was a clear conflict.


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