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Being a sole trader (or ltd) AND being an employee of another company?

  • 24-04-2009 2:14pm
    #1
    shakenbake
    Closed Accounts Posts: 190 ✭✭


    Are there any issues with this?

    I fully intend to persue a couple of business ideas sooner, rather than later. However I don't believe these will be that time consuming for me, as I intend to utilise other people to do the work for me. In short, I don't intend to give up my job just yet. Will this cause complications regarding, tax, pension etc?


Comments

  • #2
    JoeTurner
    Registered Users, Registered Users 2 Posts: 201 ✭✭JoeTurner


    Hi mate

    In a nutshell, you'll have to file a tax return and pay tax and PRSI on the net income you earn for the new venture(s).

    You'll be liable for tax at your marginal income tax rate. The rate of tax payable will depend on what rate you're currently paying tax at in your PAYE job. Have a look at your latest payslip and see whether you are paying any tax at 41%. If you're paying at 41% in your current job than any net income earned in the sole trader ventures will be taxed at 41% too.

    You'll possibly also be liable for PRSI, Health and Income Levies on the sole trader income too (dependent on the level of income)

    If you want to send me a few more details by pm I'll be able to give you a better informed opinion

    Joe


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