Extra work outside of my normal employment

G

Guest116

Guest
Hi,

I am a permanent employee and I am also doing some contract work out side of the that for a client.

The contract is for a few months with a number of fixed payments spread over that time. What is the most tax efficient way of handling this extra income?

Should I set up a limited company or just pay the 41% income tax plus PRSI etc?

Thanks
Aris
 
Unless it's a large amount of money then the cost and hassle of setting g up a limited company are prohibitive. It may also work out to be less tax efficient. Others here are better qualified to answer you on this but I would be surprised if you saved money by setting up a company.
 
Its for a total of 25k with the possibility of maybe another 10k this year. Is there a kind of minimum amount that would make it more tax efficient to set up a limited company?

And why would it be more tax efficient?

Thanks
 
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