Sole trader / Freelance with full time job

DarraghR

Hi folks. Recently I have made a decision to look into registering as a sole trader and need some guidance and advice. I am currently in full time employment in retail and have a 22 hour permanent contract but work 37 hours a week.

The question is should I or do I have to register as a sole trader? The business in question would be website and graphic designer. To be honest I wouldn't be making a whole lot from it. A rough estimate would be between €1,500 - €3,000 per year. Also I would be working from home.

When it comes to tax and vat I haven't a clue. One of my housemates said she had to register online and it cots €50 to do so. Oh and you dont pay any tax for the first year once you do not earn a high amount.
A guy in work told me that it only cost him €20 to do so online but my housemate would be working out of a studio provided so maybe its more expensive to do so?

To sum it all up I am pretty clueless on the subject Really appreciate any advice or links to articles

DubTony

You don't need to register as a sole trader unless you want to register a business name. This can be done at CRO.ie for €20

VAT registration is only required when you're business is on target to turn over €37,500 in a 12 month period. None of this has anything to do with your employment.

Find a phone no. for Revenue and talk to them. Let them know that this will be a side business and that you're keeping your job. They'll tell you what you're legally required to do with regard to tax.

DarraghR

Thats good to know that I do not need to register unless its a business name. I will contact revenue today and let them know about any additional income.

Would it be possible for me to get something like a kick starter grant. Currently my equipment is not the fastest and I could do with an upgrade but financially cannot afford it. If this is possible how to I go about applying for it. Because I am in full time employment would this hinder the application?

Gloomtastic!

......and you will probably have to pay tax if you're already employed and paying tax. As self-employed you will pay the taxman in October/November next year for any revenue you earned this year.

As for grants, I'm pretty sure you won't be eligible.

DarraghR

Gloomtastic! wrote: »

......and you will probably have to pay tax if you're already employed and paying tax. As self-employed you will pay the taxman in October/November next year for any revenue you earned this year.

As for grants, I'm pretty sure you won't be eligible.

Ah yeah of coarse I will pay extra tax. They will more than likely up my current rate.

Rang a few places earlier in relation to applying for a grant. Ended up at www.localenterprise.ie which has plenty of information if anyone else is curious

StupidLikeAFox

I posted this in another thread which may be relevant for you if you will have a low turnover:

You will still have to declare the income to revenue though - you can get away with a simpler eForm 12 as opposed to a Form 11 - I think its more straightforward.

Not an expert in this stuff so I would do your research around that side of things if I were you

http://www.revenue.ie/en/personal/fa...rm12-faqs.html

http://www.irishtimes.com/business/p...m-12-1.1817653

As an aside there really should be a sticky thread for this exact question - it must come up at least once a week