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Work from Home - tax contribs and PRSI

  • 12-11-2009 1:38pm
    #1
    Cypresstree
    Registered Users Posts: 234 ✭✭


    Hi there,

    I am hoping to start a second job from home with an internet company, and to be honest, I havent got a clue how to go about sorting out the tax/prsi side of things.

    I work full time in an office during the day, but would hope to earn a few extra bob doing this work in the evenings.

    Does anyone have any advice about how I sort the tax/prsi side of things.

    many thanks


Comments

  • #2
    mickbyrne
    Closed Accounts Posts: 164 ✭✭mickbyrne


    You need to complete a form TR1 which can be got from the revenue website. There are also other useful guides relating to vAT, PAYE/PRSI also.

    You will need to complete a form 11 each year.

    All this can be done by yourself but you should consider seeking professional advice.

    Regards,
    Michael.
    www.perspective.ie


  • #3
    Sand Wedge
    Registered Users Posts: 226 ✭✭Sand Wedge


    I take it you are setting up your own business as a self employed individual. Like the previous poster has said you should seek professional advice before starting up any business.

    As you already have a Job, it is likely that you are using up your standard rate cut off and tax credits in this employment.

    Based on that you will have to pay 49.33% of profit made in taxes.
    I.e Profit made €100, tax payable 49.33, profit after tax 50.67


    Marginal rate of tax 41%
    Prsi Class S 6.333%
    Income Levy 2%

    The above figures are only a guide and as stated earlier you should seek professional advice before starting a new business. If you are setting up a company different taxes will apply.


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