Need Advice - Starting Company While Working??

Amanda7326

Hi All,

I am a new user to this portion of the site so forgive me if I have put this in the wrong place .

I am looking for advice about my situation and if anyone can shed some light I would really appreciate it.

I am currently employed full time, my husband is employed on a 3 day week.

I have started up a small business making & selling wedding and party items (I have not officially registered yet).

I want to register the business properly but I am extremely confused about all of the info out there on the net as its very conflicting. My questions are:

If I officially register the business and then get made redundant at work, will I automatically be disqualified from a social welfare payment?(profit from the business are tiny)

Is there a period where I wont have to register for tax just so I can see if the business takes off? (i know if you are unemployed you can but is it different if you are employed??)

If so should we register under my husband as he is not working full time? (he is not receiving anything from social welfare)

It is starting to do well but I am afraid to register as money is tight and dont want to get myself in bother so am in a bit of a pickle at the moment.

Does anyone have any advice???

Cheers x

dbran

Hi Amanda

If you are made redundant then you should still be entitled to Job Seakers benefit for the first year provided you have sufficient stamps paid up.

All income earned needs to be declared for income tax. If the profits are very small ie less then €3175 then you would not be subject to self assessment rules however you would still have to return the income on a Form 12 in October every year.

Whether or not the business should be registered under your husbands name would depend on the circumstances.

Regards

dbran

J.Ryan

Amanda7326 wrote: »

Hi All,

I am a new user to this portion of the site so forgive me if I have put this in the wrong place .

I am looking for advice about my situation and if anyone can shed some light I would really appreciate it.

I am currently employed full time, my husband is employed on a 3 day week.

I have started up a small business making & selling wedding and party items (I have not officially registered yet).

I want to register the business properly but I am extremely confused about all of the info out there on the net as its very conflicting. My questions are:

If I officially register the business and then get made redundant at work, will I automatically be disqualified from a social welfare payment?(profit from the business are tiny)

No, you have paid class A contributions in your job, you have the entitlements earned from them

Amanda7326 wrote: »

Is there a period where I wont have to register for tax just so I can see if the business takes off? (i know if you are unemployed you can but is it different if you are employed??)

No, I'm assuming that you are a sole trader here, rather than going to the expense of setting up a company.

Amanda7326 wrote: »

If so should we register under my husband as he is not working full time? (he is not receiving anything from social welfare)

Assuming that you are jointly assessed, it would make very little difference, if your husband was working full time and was then put onto a 3 day week, you might be entitled to something there, if you haven't already, I would check that out.

Amanda7326 wrote: »

It is starting to do well but I am afraid to register as money is tight and dont want to get myself in bother so am in a bit of a pickle at the moment.

Does anyone have any advice???

Cheers x

Assuming that turnover is small enough that you don't have to register for VAT, then you will only pay tax on your profits, contact an accountant for more tailored advice, but I don't see an issue with registering as self employed, based on the information supplied.