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Becoming a sole trader for a short freelance contract

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  • 22-07-2013 6:55pm
    #1
    SuperBiasedMan
    Registered Users Posts: 5 ✭


    I'm in the middle of a short freelance contract that will end in August.
    It's my first ever official employment where tax will be involved.
    I know that freelancers are considered sole traders for tax purposes, but I'm not specifically trying to be a freelancer as my career path. I just happened to be offered a freelance job and took it as it was available. If I find more freelance work after it I would take that too but would just as readily take a PAYE position.

    My question is, can I be registered as a sole trader but still employeed under PAYE? Are there any disadvantages for doing so? And if there are, is it possible for me to 'close' my sole trader freelancing business after contracts end, to avoid being hampered by those disadvantages?

    Thanks for any advice people can give. The Revenue.ie site says very little about freelancing, and most of it makes reference to specific fields. I'd appreciate this being cleared up because I'd rather not make any misteps when I've just started.
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    #2
    bmm
    Registered Users Posts: 912 ✭✭✭bmm


    SuperBiasedMan wrote: »

    My question is, can I be registered as a sole trader but still employeed under PAYE? Are there any disadvantages for doing so? And if there are, is it possible for me to 'close' my sole trader freelancing business after contracts end, to avoid being hampered by those disadvantages?

    Yes , you can, no disadvantage, just pay your taxes for self employed work, form11s would be important to return on time. You won't be registered for Vat as your income in a year is less than 30K (i think, check that).


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