Hi,
I am currently unemployed and mind our 3 kids at home. I receive no social welfare assistance anymore due to my wife's salary. She earns roughly 48.5k before tax and before overtime. She has my tax credits.
I've been offered some consultancy work, which will be ongoing and earn around 1600 euro per month. They want to use a third party, rather than employ someone full time. However, I'm unsure as to whether to take it if half of it will be taxed as I'll incur child care costs should I take it and it might negate any benefit from working.
Anyway, if I set myself up as a sole trader what are the tax implications on this? And is this the best route to go down? Basically, how much of the 1600 euro can I expect to lose every month after taxes etc?
Thank you in advance.
I am currently unemployed and mind our 3 kids at home. I receive no social welfare assistance anymore due to my wife's salary. She earns roughly 48.5k before tax and before overtime. She has my tax credits.
I've been offered some consultancy work, which will be ongoing and earn around 1600 euro per month. They want to use a third party, rather than employ someone full time. However, I'm unsure as to whether to take it if half of it will be taxed as I'll incur child care costs should I take it and it might negate any benefit from working.
Anyway, if I set myself up as a sole trader what are the tax implications on this? And is this the best route to go down? Basically, how much of the 1600 euro can I expect to lose every month after taxes etc?
Thank you in advance.