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Son starting work

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  • 10-06-2019 2:05pm
    #1
    jamesbil
    Registered Users Posts: 662 ✭✭✭


    Hi all, sorry if this is in the wrong section.

    Looking for some advice.

    I am a self employed person working in my own workshop.
    My son is due to start work with me next month.
    What is the best way to go about it?
    Should I employ him, possibly take on as apprentice? Are there any grant aids or funding for this?
    Or should he register as self employed? Possibly partnership? (JB&Sons)

    I also have to do some health and safety upgrades to make it a more suitable enviroment for 2 people. Again any grants available?

    Thanks


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    #2
    spoiler
    Registered Users Posts: 38 ✭spoiler


    Best to register him as an employee. The rules are different when you employ family members as opposed to a non relative. This link might be useful https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-04/04-06-23.pdf.

    This website should give you the information on apprentices http://www.apprenticeship.ie/en/SitePages/Home.aspx. You don't say what line of business you are in so I can't be more specific.

    Hope above helps.


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    #3
    jamesbil
    Registered Users Posts: 662 ✭✭✭jamesbil


    spoiler wrote: »
    Best to register him as an employee. The rules are different when you employ family members as opposed to a non relative. This link might be useful https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-04/04-06-23.pdf.

    This website should give you the information on apprentices http://www.apprenticeship.ie/en/SitePages/Home.aspx. You don't say what line of business you are in so I can't be more specific.

    Hope above helps.

    Thanks for the reply, I am a furniture maker running my own workshop as a sole trader.


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    #4
    antoinolachtnai
    Registered Users Posts: 9,793 ✭✭✭antoinolachtnai


    The advice you have there is pretty good.

    Really, there is a bigger question here - succession -. What will happen to your business when you can't or don't want to work in it anymore, and what role your son will have. (I mention this because you talk about partnership arrangements - again, a partnership arrangement is not really suitable for your type of business.) Another question is growth. Your business will now have two wages to support, not one, and you will obviously need to grow the business. Obviously the economy is currently on the up-and-up and expansion is feasible, but you also need to think about what will happen in lean years.

    It is as well to think about this now and see over a couple of years what you want to do.

    The main support from the state for this sort of thing comes through tax structures for retirement and succession. It really is worthwhile taking some time to talk to an accountant at this stage about all your future plans.


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