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Setting up company while in full time employment

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  • 16-11-2017 12:18pm
    #1
    tempnam
    Registered Users Posts: 491 ✭✭


    As the thread title says - I'm thinking of setting up my own company, but am in full time employment (Mon - Fri, 9am - 6pm).

    I would need to stay in full time employment for the foreseeable future and would be setting up in my spare time (evenings & weekends).

    I'm not sure of the tax implications assuming I start making money, whether to set up as a sole trader, Ltd. company etc. etc.

    Any advice appreciated.


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    #2
    baldtooyoung
    Banned (with Prison Access) Posts: 190 ✭✭baldtooyoung


    tempnam wrote: »
    As the thread title says - I'm thinking of setting up my own company, but am in full time employment (Mon - Fri, 9am - 6pm).

    I would need to stay in full time employment for the foreseeable future and would be setting up in my spare time (evenings & weekends).

    I'm not sure of the tax implications assuming I start making money, whether to set up as a sole trader, Ltd. company etc. etc.

    Any advice appreciated.


    I'm in the same boat. I have my real life job and am also set up as a sole trader only since mid September. Are you worried about the tax you pay from your job? Payroll look after that as normal. Anything outside that is self assessed.


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    #3
    tempnam
    Registered Users Posts: 491 ✭✭tempnam


    baldtooyoung wrote: »
    I'm in the same boat. I have my real life job and am also set up as a sole trader only since mid September. Are you worried about the tax you pay from your job? Payroll look after that as normal. Anything outside that is self assessed.

    Not so much 'worried' - more like clueless to be honest!


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    #4
    baldtooyoung
    Banned (with Prison Access) Posts: 190 ✭✭baldtooyoung


    tempnam wrote: »
    Not so much 'worried' - more like clueless to be honest!

    Don't worry.I was worried too.I rang revenue,I think I asked on here too.

    Your job still look after your paye,prsi,usc and all that bad terrible stuff we pay every month.

    Anything earned outside of that is up to you to declare.


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    #5
    Paddy001
    Registered Users Posts: 724 ✭✭✭Paddy001


    What is the business sector and likely trading levels?


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    #6
    Purple Mountain
    Registered Users Posts: 13,180 ✭✭✭✭Purple Mountain


    Enterprise Board?

    To thine own self be true



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    #7
    jaffusmax
    Registered Users Posts: 1,602 ✭✭✭jaffusmax


    If you earn under 5k Net you can stay in the PAYE system and file a Form 12 each year.

    If you go over 5k you must register for income Tax and Ros. You will then file a Form 11 each year by the 31st Oct or 14th Nov if using Ros.


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    #8
    Trojan
    Registered Users Posts: 16,413 ✭✭✭✭Trojan


    One of the biggest issues is ensuring that there's nothing in your current contract of employment that prevents you working for yourself (and that you own any IP that you create).

    🎙️ The Recognized Authority Podcast



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