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Being a sole trader and employee at the same time

  • 15-12-2008 11:24am
    #1
    pontovic
    Closed Accounts Posts: 658 ✭✭✭


    Hello

    Quick question. If I'm registered as a sole trader can I work for another company full time at the same time and do my bit on the side ?
    Tagged:


Comments

  • #2
    TheWaterboy
    Registered Users, Registered Users 2 Posts: 379 ✭✭TheWaterboy


    Hi pontovic

    Yes there is no problem working full time and as a sole trader - your employer need never know. At year end your sole trader income is added to yor employer income less your expenses and you pay tax on that.


  • #3
    pontovic
    Closed Accounts Posts: 658 ✭✭✭pontovic


    Thanks :)


  • #4
    sarahmurphy00
    Closed Accounts Posts: 3 ✭sarahmurphy00


    Hi, Im an employe and just started as a sole trader. My income from the trade will be very small.
    Do i still have to pay Prsi and health levy? Does the income get addeed to my income from employment in order to calculate prsi and health levy?
    Thanks


  • #5
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    sarahmurphy00 wrote: »
    Hi, Im an employe and just started as a sole trader. My income from the trade will be very small.
    Do i still have to pay Prsi and health levy? Does the income get addeed to my income from employment in order to calculate prsi and health levy?
    Thanks

    Hi Sarah,

    Your employer will take care of your taxes in your day job however you will have to account for them in your sole trader job, if you only started recently, you will not have to make a tax return until 31/10/2012, however your total tax, usc and prsi is calculated on your total earnings less profits.


  • #6
    bigneacy
    Registered Users, Registered Users 2 Posts: 1,222 ✭✭✭bigneacy


    Question - I am a full time paid employee and I have just started another company.

    1. Do I need to declare this to my employer?
    2. Will they see on my tax that I have a directorship in another company?
    3. If so, Will they be able to see what the other company is called or what industry the other company is in?


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  • #7
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    bigneacy wrote: »
    Question - I am a full time paid employee and I have just started another company.

    1. Do I need to declare this to my employer?
    2. Will they see on my tax that I have a directorship in another company?
    3. If so, Will they be able to see what the other company is called or what industry the other company is in?

    Answer:

    1) No, unless you have an agreement with him not to work elsewhere. That's a moral/legal question though, not a tax question.
    2) No.
    3) No.


  • #8
    sarahmurphy00
    Closed Accounts Posts: 3 ✭sarahmurphy00


    Thanks ssbob,
    I got a call from the revenue, because my income will be so small there is no need to register as a sole trader for the moment, i wil fill out form 12 instead, so my tax will be offset against my credits from employment.
    I have two further questions:
    1. Is the €3,174 limit income or profit? I presume it's profit....
    2. Do I still have to pay 3% prsi and 4% levy on my small income, because im on the higher tax band in my employment?
    Thanks!!
    Sarah


  • #9
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    sarahmurphy00 wrote: »
    Thanks ssbob,
    I got a call from the revenue, because my income will be so small there is no need to register as a sole trader for the moment, i wil fill out form 12 instead, so my tax will be offset against my credits from employment.
    I have two further questions:
    1. Is the €3,174 limit income or profit? I presume it's profit....
    2. Do I still have to pay 3% prsi and 4% levy on my small income, because im on the higher tax band in my employment?
    Thanks!!
    Sarah

    Hi Sarah,

    The €3,174 limit is on income or sales, you probably will not hit that this year but next year you will guaranteed.

    In answer to your second question your income tax, prsi and levies are based on your total PAYE income plus your self employeed taxable profits.

    I hope this helps.

    ssbob


  • #10
    sarahmurphy00
    Closed Accounts Posts: 3 ✭sarahmurphy00


    Thanks again!!!
    The very last thing if you don't mind, are the prsi and health levy based on the profit? And are they 3% and 4%?
    thank you
    Sarah


  • #11
    lucy2010
    Registered Users, Registered Users 2 Posts: 774 ✭✭✭lucy2010


    Im a sole trader. I set up June 2011 under the BTWEA scheme. I have not been changed over by welfare & im still on OPF payment on their system. Today I was offered a full time position with a company.I have not taken any salary from my own business so does anyone know how this would work ?

    Thanks


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  • #12
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    lucy2010 wrote: »
    Im a sole trader. I set up June 2011 under the BTWEA scheme. I have not been changed over by welfare & im still on OPF payment on their system. Today I was offered a full time position with a company.I have not taken any salary from my own business so does anyone know how this would work ?

    Thanks
    Are you going to continue as a sole trader?


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