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Can I have my own business while working for someone else?

  • 27-09-2010 8:03pm
    #1
    rapture 3
    Registered Users Posts: 43 ✭


    Hi ,My question to you guys is this.I am currently working at the moment,Ive been with this company for the last 12 years.There is a side to the business which i look after, its seasonal work and Im the only one in the company who can repair these things. Recently there has been a change in management and my new boss has said he no longer wants to keep that end of the business going as its not making as much money as he would like,I on the other hand know that there is money to be made doing them,maybe not as many zeros at the end of the bill he d like but enough for me. So my question is can I start up my own company and do them while still working for him? If i was to lose my job could i claim my 12 years worth of stamps until i go full time with my business?Im not saying i want to sit at home claiming the dole,I have a family and need to know where id stand if I did lose my job while being my own boss at the same time !I hope this makes sense,Thanks.


Comments

  • #2
    Welease
    Registered Users, Registered Users 2 Posts: 3,834 ✭✭✭Welease


    I'm not aware of any legal reasons you couldn't do this, but most companies would take a very dim view of this practice..

    In reality would you be able to service those customers in your spare time, and would those customers want to wait until the evenings/weekends to get your time?? You current company wouldn't be willing to pay you wages so you can spend your time working on your own new company..

    If you continued to work for your current company, they may be concerned that customers would relate your new company to them.. and they may not be happy with this.. etc etc etc..

    It might be worth asking a mod to move this to work and jobs, someone there could probably answer the legal aspects..


  • #3
    Amhran Nua
    Closed Accounts Posts: 4,124 ✭✭✭Amhran Nua


    As long as you are working in a PAYE job, you get the stamps, and for some period afterwards as far as I am aware until claimed, but be aware that due to rule changes in 2008 you only get one single year regardless of how long you have contributed. You can also be self employed at the same time, I'd call the revenue to figure out what that means as far as class S PRSI goes, you don't want to be paying the same tax twice.

    Your boss might take a dim view of your plans, but he has no recourse to fire you if you do take the opportunity - sound him out, he might in fact be supportive if you kick a little back, perhaps even send you more customers as time goes on.

    You'll probably need to declare your income from the main job on your self employed tax returns, again consult an accountant or the payroll guys in the main job.


  • #4
    rapture 3
    Registered Users Posts: 43 ✭rapture 3


    Hi Welease,
    I have mentioned this to my boss and he said no probs,I could even use his equipment until I have my own. Id be working evenings and weekends on these which there is usually a two day turnaround on them anyway,and I really dont mind putting in as many hours as I can to get this up and running,but I dont know what would happen if I did actually lose my job? I know I cant build a business in a day itll take time to get it 100% up and running and well I just have to know would i be entitled to anything until I am up and running?


  • #5
    rapture 3
    Registered Users Posts: 43 ✭rapture 3


    Thanks for getting back to me guys,,,as far as my boss goes he has no probs with me doing this ,infact he said i could use his equipment until I have my own,and throw him a few quid for materials that Id use,which of coarse I would do,the turn around on these things is two days Welease so id have evening and weekends at doing them,its just would I still be entitled to anything if I was too lose my main job?


  • #6
    Welease
    Registered Users, Registered Users 2 Posts: 3,834 ✭✭✭Welease


    rapture 3 wrote: »
    Thanks for getting back to me guys,,,as far as my boss goes he has no probs with me doing this ,infact he said i could use his equipment until I have my own,and throw him a few quid for materials that Id use,which of coarse I would do,the turn around on these things is two days Welease so id have evening and weekends at doing them,its just would I still be entitled to anything if I was too lose my main job?

    Ahh cool.. I wont comment on the specifics of what is available on social welfare in case I got it wrong, but there is a Biz - Personal - State Benefits forum a mod could move the thread to.. you will most likely get the correct info there...

    Best of luck with the new venture :)


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  • #7
    rapture 3
    Registered Users Posts: 43 ✭rapture 3


    Welease wrote: »
    Ahh cool.. I wont comment on the specifics of what is available on social welfare in case I got it wrong, but there is a Biz - Personal - State Benefits forum a mod could move the thread to.. you will most likely get the correct info there...

    Best of luck with the new venture :)

    Cheers Thanks


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