Second income from part-time work.

[Dylan]

Hi All,

I currently work for a company (30K P/a) and I have been offered some part time work by another company. (15 hrs a week)

The part time work would be worth about 1K per month, it's up to me to declare it for tax. Its a temporary job, could be 3 months,6 months no one knows. The company will not take me on full time.

What would be the best way of going about paying tax on the part time work?

Thanks for any suggestions.

 

[Lar]

Also in the same situation (think it's a growing scenario with a lot of people) and would be interested in the best approach to managing tax compliance and of course tax efficiency.

 

[huskerdu]

Quote from www.citizensinformation.ie
Starting a second job

If you choose to take on a second job, your first employer will already have instructions from the tax office to give you all the tax credits to which you are entitled against your pay. Unless you advise your District Tax Office to issue new certificates, one to each employer, dividing the tax credits and standard rate cut-off point between the two jobs, your new employer (that is, in your second job) will operate your pay on an emergency tax basis.
This will mean that you would get more tax credits than you are entitled to, resulting in an underpayment of tax, which will have to be paid at the end of the tax year. Contact the Revenue's Lo-call PAYE enquiry service (see link below) for contact details of your District Tax Office.

 

[Joe_90]

When you become selfemployed you should register with the Local Tax Office Form TR1.
If your main salary is €30,000 you will have €6,400 taxable at 20%. PRSI at 3% Health Levy at 4% and Income Levy at 2% will also be due on the profit.
Keep all receipts for business expenses.
Then at the end of the year you compute your profit and add it to your salary and compute the tax payable. If your profit is €5,000 your tax bill will be €1,450.