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Working as a PAYE employee and sole trader at the same time

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  • 09-06-2014 5:23pm
    #1
    Greven
    Registered Users Posts: 20 ✭


    Hi,

    I've a question in regards to tax credit.

    I'm working 2 jobs since January 2013. One is a regular, full time office job, where I get paid by my employer at the end of each month. The other is more of a hobby - I teach self defence classes in the evenings. I registered that as a business and am running it as a sole trader.

    I've looked through my p60 form for 2013 and noticed that my tax credit has fallen dramatically, when compared to the one for year 2012. As I understand things, I should be getting a single person's and paye tax credit plus rent relief. Unless working a second job as a sole trader makes you lose the paye tax credit?

    Can anyone shed some light on this?

    All the best,
    Michal


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    #2
    phormium
    Registered Users Posts: 3,342 ✭✭✭phormium


    No, you don't lose your PAYE credit just because you are self employed as well. Your PAYE credit can only be applied against tax paid in your paid employment but if you are working full time then you would be paying enough tax to get the full credit. Give Revenue a call.


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    #3
    BelleOfTheBall
    Registered Users Posts: 72 ✭✭BelleOfTheBall


    How does it work with your stamps say if your made redundant and needed to claim job seekers and the part time 2nd job dried up.would u b allowed to. Claim it


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    #4
    pedronomix
    Closed Accounts Posts: 997 ✭✭✭pedronomix


    BelleOfTheBall wrote: »
    How does it work with your stamps say if your made redundant and needed to claim job seekers and the part time 2nd job dried up.would u b allowed to. Claim it

    Your entitlement to JSA is dictated by your regular full PRSI contributions, sole trader PRSI is at the lower rate. Provided you are available for work as defined by JSA rules, you are fully entitled to the JSA benefit.

    Most of the early retirees from the banks, were able to claim JSA even though they were also on a pension pre normal retirement age. The two income streams are treated differently.


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