Employee (part-time) and sole trader

N

Nemama

Registered User
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Hi team,

Taxation wise, what are the implications from the employer perspective and mine personally as sole trader?
Is there anybody in the forum who is employee and sole trader at the same time?

Thank you,
 
Yes, this would not be unusual. You'll need to pay tax under the self assessment system if you earn more than €5K from your business per year. For tax purposes your taxable profit is added to your salary and you are taxed accordingly. If you earn less than €5K you may be able to get away with filing a Form 12.

I'd suggest you talk to an accountant to help you with your first few years tax years - preliminary tax, commencement provisions, commencement to trade, basis periods, years of assessment, taxable profits, capital allowances etc are tricky enough. If you have enough time and interest you'll find all the relevant material on the Revenue website.

Watch your vat registration requirement depending on your turnover.
 
Thanks.

Do you suggest any accountant in the city which might be free advising/affordable?

In the scenario I'm starting as a sole trader only, I assume that applies the same rules up to 5k per annum. If it's between 5k-37k (services provider) would be 20% and over that turnover would be 40%.

If the business as sole trader doesn't succeed, there are not minimums apart of €500 as a voluntary contributor PRSA class s? For example, USC? Will I be allowed to get Jobseeker allowance?

Thank you
 
I have another query similar to your situation :
Is it possible to be Director of Pvt Ltd Company and also be employed
with some other company.
 
So How will my tax work in such situation , I guess employer will provide me p45 at job end or p60 at year end , The ltd company that I am Director of how will I pay its tax.
 
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