Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Starting a business while in full time employment

Options
  • 11-02-2017 1:04pm
    #1
    Bessiemae
    Registered Users Posts: 15 ✭


    Hi,

    I am thinking of starting up a small sideline business while still working at my current job. The business is somewhat related to what I do now and my boss has given me his blessing so there is no problem there.

    My main question really is regarding taxation. I have no plans to leave my current job. I am just wondering where I stand regarding tax, if I register with revenue for this new business will it affect my PAYE entitlements in my current job. I don't foresee there being much profit in the business, at least not for a while, but I want to have done everything right from the start so that if the business does take off I will have no worries there.

    Any advice would be much appreciated.


Comments

  • Options
    #2
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    It depends on the level of the profits. If it's just a couple of thousand you can file it as additional income using paye anytime if it's over ~€5k the you need to register for tax separately using a TR1. You'll be paying the same level of tax on the profits as you do on your regular income so if you're in the top level of tax payers you're paying half the profit to the tax man.


Advertisement