Implications for PAYE worker also planning to setup a company in different field

[burmo]

Hi,

I am in the scoping stages of a business idea. If it were to go ahead myself and my business partner would setup a limited company under which we would conduct the business.

My question is about any requirements with the PAYE job that I would continue to keep for the next couple of years at least. What do I need to tell this job about the new company if anything? I am in a permanent role for several years.

How would tax work if my new company where to pay me at some point in the future? I don't care about any division of tax credits, etc. because it will all be at the upper rate regardless.

The new business is in a completely different commerical area so there can be no implication for competition / stealing / etc. Do I need to tell my current employer? What are the implications if I don't? I had a look at the contract and also the detailed code of conduct type form that I previously signed... it has things about not stealing ideas and working for the competition, etc. but I didn't see anything about working for oneself / someone else at the same time.

Any relevant links to research or opinions are most welcome.

Thanks,
Burmo

 

[Domo]

This is more of a legal question, rather than a tax question, but I would imagine that if there is nothing in your contract, then you don't need to advise your employer about any work outside your employment. However, this is just my personal opinion.

 

[sean.c]

As long as you complete the required hours as per your contract, you can do what you like outside of work. Unless you're a pilot or driver or something I guess, in which case maybe you have legally mandated rest hours etc.

If you were to pay yourself, you can organise payment of your taxes/prsi via the Revenue's online service.