PAYE and sole trader question

A

anamcarame

Guest
I know this may have been asked so many times before but here goes....

I am PAYE at the moment and plan to stay that way. I have the ability ot earn extra cash from a business I am establishing. What is my best option for being legit and paying tax? I will never earn enough from the business to make a living but can supplement my income from it. Do I set up as a sole trader and if so what are the advantage/disadvantages to it? How will this effect my PAYE?

Can I just earn from my side line and declare extra income at end of year without being a sole trader? If so how do I do this and how will it effect my PAYE income.

Do I have to reg as a company with CRO?

I estimate I will earn about 3K this year from my side line.
 
I know this may have been asked so many times before but here goes....

I am PAYE at the moment and plan to stay that way. I have the ability ot earn extra cash from a business I am establishing. What is my best option for being legit and paying tax? I will never earn enough from the business to make a living but can supplement my income from it. Do I set up as a sole trader and if so what are the advantage/disadvantages to it? How will this effect my PAYE?

Can I just earn from my side line and declare extra income at end of year without being a sole trader? If so how do I do this and how will it effect my PAYE income.

Do I have to reg as a company with CRO?

I estimate I will earn about 3K this year from my side line.

If it is that small you Just add profit(Income less expenses) to your form 12 for year which would include your p60 income as well

Your tax bill will depend on your P60 Income, whether you are already paying tax at lower rate or higher. If already higher be best to save half extra income for any future tax bill
 
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