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sole trader while being employed

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  • 05-03-2014 3:20pm
    #1
    astarte
    Registered Users Posts: 41 ✭


    Can I set up as a sole trader while being employed. I am a teacher and want to sell some craft work/photography. Photos take while travelling during the summer time.

    I have a small van (currently off the road) that I wish to use only in the summer time for travelling/taking photos, can I register that as a business vehicle, would I have to change it's registration.

    What do I need to do to establish my business, when the work is done in the summer time?

    thanks


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    #2
    Buttercake
    Registered Users Posts: 539 ✭✭✭Buttercake


    Even if the work is done during your break, you are still an employee of the school and receiving a salary.

    Lots of teachers work during the summer, I know 2 and generally schools are open to teachers taking a 2nd job during the summer, you will need to tell them first about what you want to do.

    For your van, if you're a sole trader it makes no odds, you cant register a vehicle in your business name. Claim your mileage/petrol as expenses & vehicle deprecation.

    You'll need to file TR1 form to register your new business for income when you start up.

    Your tax liabilities may be higher with the second business because you are on a full-time salary, its like working in a pub at weekends

    Get in touch with an accountant who will go through your salary, credits etc and will tell you your liabilities against your potential earnings.


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