Setting up new business while still working PAYE

show me the money.1

Hi i am looking into setting up a business doing work evenings and weekends but intend to still work in my PAYE job.

Any advice greatly appreaciated.

JMR

show me the money.1 wrote: »

Hi i am looking into setting up a business doing work evenings and weekends but intend to still work in my PAYE job.

Any advice greatly appreaciated.

I'm afraid you will need to provide a little bit more information than that to have any hope of receiving useful advice.

What is your intended business?
What advice are you seeking?

show me the money.1

I kind of need to know everything!
I will be providing a electronic repair service.
how do I link the business to my own tax through my PPS number?
I will defiantly make a loss in the first year because tools will need to be purchased can I claim some of my PAYE tax back?
I don't intent to register for VAT as I will not make over 37000 from it in the year.
Should I set up a separate business account in the bank and put all business transactions through it?
should I say invest 5000 into this account from my personal account for purchases?
I already have some tolls bought myself can I sell these to the company or not?
I have many questions just cant think of them all.

pedronomix

Use the search box at the top of the forum home page answered tons of times!

Joseph

If you don't want to research these answers then pay an accountant a couple hundred to answer and sort everything

show me the money.1

Thank you for your help very informative...

Joseph

show me the money.1 wrote: »

Thank you for your help very informative...

You want me to spoon feed you answers when instead all of this information is readily available online. You say you have lots more questions to ask but can't think of them all, speaking to an accountant is the best thing to do. If you're not willing to invest some time researching or a couple hundred doing things properly then what's the point?

SBG387

show me the money.1 wrote: »

I kind of need to know everything!
I will be providing a electronic repair service.
how do I link the business to my own tax through my PPS number?
I will defiantly make a loss in the first year because tools will need to be purchased can I claim some of my PAYE tax back?
I don't intent to register for VAT as I will not make over 37000 from it in the year.
Should I set up a separate business account in the bank and put all business transactions through it?
should I say invest 5000 into this account from my personal account for purchases?
I already have some tolls bought myself can I sell these to the company or not?
I have many questions just cant think of them all.

I think your initial set of questions all relate to tax, in one sense or another - i.e. How you can do this in such a way that you don't create a tax headache for yourself down the line. Citizen's Information might be helpful as a starting point. (As I'm a new user, I'm not allowed to include URL's so search the following on google: "citizens information starting a business").

As suggested by others, you can search online and get some answers for more on this and other topics. It looks like you've done some of this already (e.g. you've mentioned the VAT limit of 37k etc). The risk with this approach is it's adhoc and there's always a risk that you'll get bad advice (e.g. out of date; hearsay etc). There's also the risk that you don't find out about the things you don't know that you don't know.

How about you think about getting a bigger picture view of things - e.g. maybe it would be worthwhile for you to look at some of the courses / publications / advice provided by the Local Enterprise Office in your area.

I think LEO's used to be called Local Enterprise Boards but whatever they are called, they actually do provide great information to people in your situation. Many people think they are only for getting grants etc but they aren't - They are about helping you get started.

(Again, I'm not allowed post URLs so go to google and search for: "local enterprise about us services")

(I'm concerned that they only mention their non-finance services in the third point of their ABOUT US page but trust me!)

I have attended many of their half-day sessions and always found them informative. Even though I'm in business a few years now, I still go to events of theirs every now and again - You always learn something.

If you really want to get up to speed and you are thinking about this side business potentially becoming your only business, you could enrol in a Start Your Own Business course, which is usually multiple sessions over a few weeks. But perhaps it's too early for your stage.

As a first step, I recommend you subscribe to the mailing list of your closest LEO so you can hear about courses they are running each month. If you happen to live near a large population area (e.g. you live in Wicklow / Kildare and can get to Dublin), get on to their mailing list too as they have larger populations and so may have more resources / more reasons to run more courses.

I hope your side business proves successful. Congrats on at least thinking about doing something for yourself and for your desire to do this in a tax-compliant way. The key now is to keep moving, one step at a time.

CIARAN_BOYLE

show me the money.1 wrote: »

I kind of need to know everything!
I will be providing a electronic repair service.
how do I link the business to my own tax through my PPS number?
I will defiantly make a loss in the first year because tools will need to be purchased can I claim some of my PAYE tax back?
I don't intent to register for VAT as I will not make over 37000 from it in the year.
Should I set up a separate business account in the bank and put all business transactions through it?
should I say invest 5000 into this account from my personal account for purchases?
I already have some tolls bought myself can I sell these to the company or not?
I have many questions just cant think of them all.

Honestly I think you need an accountant. Pay one for a consultation and ask them or they might not even charge if you promise to get them to do the accounts work.