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Working and Being a Sole Trader

  • 15-06-2010 6:57pm
    #1
    jayboi
    Registered Users, Registered Users 2 Posts: 752 ✭✭✭


    Just wondering can anyone help me out im currently working full time(at minimum wage) been doing so for only 4 weeks and I only expect to be working until the start of September,
    anyways im looking to set myself up as a sole trader nothing major just a few quid on the side just wondering what my situation would be tax-wise working and being a sole trader?


Comments

  • #2
    MrMatisse
    Closed Accounts Posts: 1,743 ✭✭✭MrMatisse


    you would have to submit a tax return at the end of the year and inform the revenue that you are about to commence as a sole trader by completing form TR1 which is available on the revenue site.


  • #3
    AndyJB
    Closed Accounts Posts: 177 ✭✭AndyJB


    jayboi wrote: »
    Just wondering can anyone help me out im currently working full time(at minimum wage) been doing so for only 4 weeks and I only expect to be working until the start of September,
    anyways im looking to set myself up as a sole trader nothing major just a few quid on the side just wondering what my situation would be tax-wise working and being a sole trader?

    Hi,
    From a tax point of view its straight forward, but you don't mention if you're selling something or offering a service.

    On the VAT front there's no need to register until you earn

    1) €75,000 for supplying goods
    or
    2) €37,500 for supplying a service

    Make sure you keep all receipts and invoices you get that are associated with your sole trade business. Also be sure to keep cash back to cover your tax bill on the additional income. Sounds simple, but you'd be surprised the number of people who just spend what's in the bank and then panic when the tax bill arrives.

    Talk to your local FAS office about a "Start your own business" course. The above and much more will be covered.

    Best of luck.


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