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Starting as a sole trader

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  • 20-05-2013 9:25am
    #1
    Aye Bosun
    Registered Users Posts: 349 ✭✭


    Hi

    I have do some nixers the odd time and want everything to be legit.
    I have a few questions someone might be able to assist me with.

    1. I am a PAYE full time employee, can I be a sole trader also? my employer is aware of my sideline work and it doesn't interfere with his business
    2. I don't operate under my own name, must I register the name I work under?
    3. I'm not going to be making a hugh amount, less than €3000/year, with any expenses to come out of this, what are the tax implications? Hopefully when I have more time to dedicate to the business this will increase but that won't be for a few years yet!
    4. If I register as a sole trader and for example 1 year I complete no business, must I fill a tax return for this year?
    5. If I bring someone in to help a on job must I pay tax and prsi for them or can they by previous agreement pay there own tax on this?
    Any other advise most welcome. I am new to this!


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    #2
    J.Ryan
    Registered Users Posts: 474 ✭✭J.Ryan


    Aye Bosun wrote: »
    I am a PAYE full time employee, can I be a sole trader also? my employer is aware of my sideline work and it doesn't interfere with his business

    Yes
    Aye Bosun wrote: »
    I don't operate under my own name, must I register the name I work under?

    If you use a business name you must register it
    Aye Bosun wrote: »
    I'm not going to be making a hugh amount, less than €3000/year, with any expenses to come out of this, what are the tax implications? Hopefully when I have more time to dedicate to the business this will increase but that won't be for a few years yet!

    You will have to file a tax return, this will be taxable income, I would recommend going to an accountant for the first year or so, you can do this yourself, but get shown the correct way rather than trying to work it out yourself.
    Aye Bosun wrote: »
    If I register as a sole trader and for example 1 year I complete no business, must I fill a tax return for this year?

    Once registered a return must be completed for any year that you are registered.
    Aye Bosun wrote: »
    If I bring someone in to help a on job must I pay tax and prsi for them or can they by previous agreement pay there own tax on this?
    Any other advise most welcome. I am new to this!

    Depends, http://www.revenue.ie/en/tax/rct/determining-the-correct-employment-status-of-a-worker.html the link is RCT, but, is a good guideline.


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    #3
    Aye Bosun
    Registered Users Posts: 349 ✭✭Aye Bosun


    thanks for the advise, next stop my accountant!


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    #4
    stonemason9
    Registered Users Posts: 7 ✭stonemason9


    Hey I was self employed a few years ago and one year I made nothing but had to file in everything to revenue you might not have to pay much if anything but its easier to be honest than have them find out and start asking questions,you should go to the revenue office in kilkenny and ask then what you need to know the are very helpful.


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