Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

PAYE and extra earnings

  • 16-03-2010 2:50pm
    #1
    Randyleprechaun
    Registered Users, Registered Users 2 Posts: 876 ✭✭✭


    Hi,

    Sorry if this has been asked over and over before but any help appreciated.
    1. I am a PAYE worker.
    2. I want to setup a business which I estimate will earn me about €2500 per year profit.(Maybe more in years 2,3 & 4)
    What steps should I take to set up this business?

    Whats the easiest way to keep taxes etc in order without having to fill mountains of paperwork etc. I'd be fairly good at keeping my own books ie. simple money in/money out scenario.

    Is it worth my while setting all this up for such profit amounts.

    Do I have to have seperate bank accounts etc etc.

    Thanks, any other info greatly appreciated.


Comments

  • #2
    tenchi-fan
    Closed Accounts Posts: 3,339 ✭✭✭tenchi-fan


    Unless you are setting up a limited company there shouldn't be much involved in setting up your business. Given the profit you expect to make I assume your turnover will be below the threshold for registering for vat.

    So once you keep record of what you earn, what you pay out and the profit you make you simply have to pay income tax on the profit. If you are opening a separate bank account make sure it's a personal account with a bank that offers free banking.

    Have a look at http://www.citizensinformation.ie/categories/employment/types-of-employment/self-employment/setting-up-a-business-in-ireland

    You might also get some advice from your local county enterprise board


  • #3
    Odats
    Registered Users, Registered Users 2 Posts: 767 ✭✭✭Odats


    Download form TR1 from the revenue website and get yourself registered for tax as a sole trader under the tax headings in (Income Tax,CGT,VAT etc). Then if you are registering for VAT based on your expected t/o you should consider from a cashflow/admin perspective what frequency you want to make VAT3 returns on i.e. bi-monthly,four monthly, bi-annual or annual(must be on monthly direct debit for annual)
    Get yourself set up on ROS aswell and download offline version aswell extremely handy tool. Keep a cheques journal,cashbook,purchases book on excel and that's all you need to keep track of things. Then all you need is an accountant for piece of mind to submit your annual tax return.
    PS you can do this yourself if you want.


  • #4
    karlitob
    Registered Users, Registered Users 2 Posts: 2,594 ✭✭✭karlitob


    Guys,

    brilliant answer.

    I'm in the same boat. about VAT - i will prob buy 13000 worth of productI/service to sell at 13500 and will only earn 2000 a year maybe 4000 - do I need to reg for VAT.

    I mainly buy service but if I buy a product do I just give the company my vat number and then get the product ex vat


Advertisement