Setting up own business as supplier vs being employed as PAYE employee

sportzstar

I've a chance, later this year, to work remotely for a company from my town in the North West.

The guy who is offering me the role, who I've worked for the past, has told me that I'm free to either work for him as a PAYE employee or do it whichever way if more financially beneficial for me. I do a bit of freelancing for him at present and have been using an outsourced financial solutions company to complete the invoicing and tax requirements.

I'm torn about what to do as I don't want to give up the security of PAYE but there's a lot I could do if I set up on my own.

Has anyone any experience with this kind of decision?

C3PO

Consider it very carefully - particularly with regard to State pension and benefit entitlements. In my case even if I remain in full time PRSI employment from now until retirement I still won't work up to maximum state pension!

sportzstar

C3PO wrote: »

Consider it very carefully - particularly with regard to State pension and benefit entitlements. In my case even if I remain in full time PRSI employment from now until retirement I still won't work up to maximum state pension!

Yeah I'm thinking of doing it as PAYE and then looking for other small contracts on the side as I should be able to do both.

Thanks!

BBFAN

If I were you I would keep PAYE employment at all costs. It provides so much security as opposed to self-employed. If you can do both, all the better.

drunkmonkey

Get both offers and take them to an accountant. You'll have a lot more room to grow your income self employed and you'll also have the flexibility that comes with working for yourself.