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PAYE Enployee & Sole trader

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  • 04-09-2013 5:04pm
    #1
    Delta Kilo
    Registered Users Posts: 1,212 ✭✭✭


    Hi,

    Im a full time PAYE employee and understand that you can be registered as a sole trader at the same time.

    My question is, could you register a company that does not trade? IE do I have to trade to be registered?

    Are there any tax implications to doing any of this? Will being a sole trader effect any of my PAYE tax credits etc?

    Thanks


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    #2
    bcorden
    Registered Users Posts: 30 ✭bcorden


    Hi, I'm not 100% sure what you mean in parts of your question -

    So for example when you ask "could you register a company that does not trade?" Well the answer is yes. You can register a trading name and do nothing with it. Likewise you can setup a limited company that does not trade, however with a limited company you are legally bound to make annual returns.

    If you become a sole trader it does change the way you'll be treated for income tax purposes and it may effect your PAYE credits.

    I'd really suggest it would be worth having a chat with an accountant to discuss the best (and most tax efficient) way of doing what you want.


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