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Part-time sole trader questions

  • 23-06-2010 1:40pm
    #1
    ___?
    Closed Accounts Posts: 10 ✭


    Hi,

    I would like to start doing some freelance work regards building and fixing computers as well as designing websites. I have had a few offers of work however I don't want to get screwed by the Revenue watchdogs...

    I am a full-time undergrad student with another few years left. I work part-time making no more than €700-€900/month.

    Can I register as a sole trader without losing my maintenance grant or causing too much trouble with my part-time job. I project only making around a grand and a half in a year so it isn't really anything big but just a bit of extra cash...

    Have tried to scour the net for information but can't get any targeted at my situation.

    Thanks.


Comments

  • #2
    ConcernedBiz
    Closed Accounts Posts: 5 ✭ConcernedBiz


    To reg. as a sole trader you can do so on:

    www.cro.ie for around €20.

    at that rate you won't be liable for VAT but you must file annual returns, and providing your grant is calculated on household income, you MUST declare your total income including part time wages.

    You could do work in only cash, but there could be fines and jail if caught


  • #3
    ___?
    Closed Accounts Posts: 10 ✭___?


    Thanks for the reply ConcernedBiz.

    I have the business nearly set up. I have the Business Name Registration form sent in and I have all the general planning done. The only thing that still eludes me is the big t - Tax.

    My projected earning for the year from the business is €1000. My projected other income would be €8000. I don't even think the Revenue would be looking for any percentage of that...am I mistaken?

    I understand that as a sole-trader, it is my duty to file as a sole-trader. However, due to this not being my fulltime occupation, do I just file my accounts as a sole-trader or do I need to file every cent I receive including wages from part-time work outside of the sole-trader business?


  • #4
    J.Ryan
    Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    Yes

    You are liabile to Income Tax on all your world wide earnings, however while you do have to declare them, I can't see you paying Tax if your total Income is only €9,000. You place the details of your earnings into your Income Tax return (Form 11), where your income is totaled for tax purposes


    The earlier advice about www.cro.ie is only in relation to the registration of a business name, you will skill need to complete a form TR1 and submit it to your tax office to register as self employed


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