Employed and Sole Trader

[Claireenergy]

Hi there,

I am in full-time employment and also a sole trader. How does my tax work? I am getting taxed the normal rate on my FT employment salary. How much should I expect to be taxed on my Sole Trader income?

 

[WizardDr]

@C
- when did you commence?
- turnover?

W

 

[relax carry on]

Hi there,

I am in full-time employment and also a sole trader. How does my tax work? I am getting taxed the normal rate on my FT employment salary. How much should I expect to be taxed on my Sole Trader income?

Whatever your taxable income is from your non PAYE source after you've deducted your allowable expenses will be added to your PAYE income for the year in question when you file your form 11 or form 12 tax return. The rate of tax chargeable and how much you will pay is based on what your total income is and your own personal circumstances in terms of credits and rate band.