PRSI worker with additional income - 2 jobs

BenGinaShui

Registered User
Messages
16
Hi, my wife has a part time Paye tax assessed job at 26K per annum. She is starting another bit of additional regular contract work which will yield 1K a month.
We are wondering what is the best way to declare this additional income.
Options we can see:
1. Form 12 additional - Revenue - but I hear there is a max on that - maybe we can allow some work expenses against that and declare the profit as income?
2. Just go PAYE on the second job -
3. Register for self-assessment - ROS
- having contracted in the past myself - this feels like a lot of effort for the income involved, and you usually need an accountant to get it correct - it has gotten so complex. a lot of effort in expense collation etc
4. Ask the first job to go contract and lump the 2 in and go sole trader / self assessed

Are there other options / factors - we want to make this as painless and less time consuming as we have young kids etc. so 1 and 2 seem attractive, especially as I guess we should assume the extra income could stop at any time, but it looks like it should be stready.

Also an option is to pay and accountant to handle the tax affairs but that tends to be circa 1K per annum which again seems a lot- but i guess might be worth it if we went contract on all earnings as it would be allowable expense.

I'm working so using all my tax full allowances.
We're in a lucky situation but yes we are a bit muddled!
any help greatly appreciated.
 
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