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IT Contractor Query

  • 22-12-2009 5:38pm
    #1
    redhandluke
    Closed Accounts Posts: 2 ✭


    Hi, I have a full-time PAYE job, but I have been asked by a different employer to work as a part-time IT contractor, about 1-2 days per week.

    Can anybody advise on type of company I should set up? Also what expenses will the company I set up incur, corporation tax, PRSI contributions etc.

    I am in the fortunate postition in that I can leave all earnings from company in the company bank account and do not need to claim as wages in the near future.

    Any help appreciated
    Tagged:


Comments

  • #2
    Snowdrop
    Closed Accounts Posts: 148 ✭✭Snowdrop


    There are currently tax advantages for new limited companies in non professional services where the profits are tax free for three years up to a certain limit. Usually profits are taxed at 12.5%.

    However if you leave profits in the company, the company may be liable to pay a surcharge on the undistributed income.

    The company does not have to pay employer PRSI on directors salaries.

    Unless you are possibly considering going into this full time sometime in the future, I would suggest you register as a sole trader. Starting a limited company is not something you should do lightly. Easy to start, not so easy to close.

    Either way, I suggest you get specific advice from an accountant


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