Freelance consultancy

[HouseHunter]

I currently work as planning consultant in the private sector. I am planning to go out on my own, both to work indepentantly for clients and to work as a subcontractor for other consultancies. I am trying to get some advice from people who have done something similar. My queries are minly related to paying tax and accounting. I believe that if I am sub contracting then I would pay income tax and PSRI through my employers PAYE system. However, when I earn income from my own work do I pay tax on the profit or the whole amount and is it determined by the normal rates i.e. 20 and 42% or is there a different rate?

I would be very grateful for suggestions on useful websites or people/agencies to speak to.

Thanks!!

 

[RainyDay]

I believe that if I am sub contracting then I would pay income tax and PSRI through my employers PAYE system. However, when I earn income from my own work do I pay tax on the profit or the whole amount and is it determined by the normal rates i.e. 20 and 42% or is there a different rate?

I'm no expert, but as far as I know, when sub-contracting you will be responsible for your own PAYE & PRSI. Check out some of the key posts on starting your own business for more details.

 

[HouseHunter]

Thanks Rainyday, very useful!