taking on extra work

[Peggy Longst]

Hi, I need advice. I've being offered extra work I will be paid a hourly rate but responsible for tax & prsi myself. I'm working under PAYE full time with another employer so my tax credits for additional income from new job will be zero. what is the best option for me to deal with the additional income - is it to register a business name and make tax return at end of year showing additional income less my expenses ...or what?

 

[mathepac]

How much additional income do you foresee yourself earning?

What expenses do you see yourself incurring?

 

[Peggy Longst]

Hello Mathepac,
I recon I will earn approx €2,500 over the next few months. I will be working from home so I will have stationery and cost of petrol

 

[Pat Bateman]

If your total non PAYE income is less than €50,000 per annum and your assessable non PAYE income is less than €3,174, you can ask Revenue to amend your certificate of tax credits to reflect your non PAYE income.

As a result of the above concession, you essentially pay the underlying tax in relation to your non PAYE income through the payroll system.

Have a browse through Revenue's website where you should find further details.