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Tax return - work on the side

  • 03-08-2010 8:09pm
    #1
    NullZer0
    Registered Users, Registered Users 2 Posts: 1,629 ✭✭✭


    Hi there,

    I will be doing some contracting outside my regular job for a sister company of my employer.

    I do not have my own company or VAT number.

    How do I do this while making sure everything is in order and what tax returns am I responsible for?

    If anyone could point me in the right direction I'd really appreciate it.





    Cheers,


    iRock


Comments

  • #2
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    iRock wrote: »
    I do not have my own company or VAT number.

    How do I do this while making sure everything is in order and what tax returns am I responsible for?

    If you have to ask this question then my advise is to be very careful taking on this role as a sole trader. Why not protect yourself and become an employee of the business? I know it will mean more tax... but what price peace of mind :)

    Not sure what kind of relationship you have with your employer, but if you are not a limited company and do not have practice insurance you could be personally liable if your client incurs a loss due to relying on your work.


  • #3
    J.Ryan
    Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    The OP did not state anywhere that he was providing accounting services, if I read this right it should be in the tax section.


    You need to complete a form TR1, to register as self employed and then a form 11 annually.


  • #4
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    J.Ryan wrote: »
    The OP did not state anywhere that he was providing accounting services, if I read this right it should be in the tax section.


    You need to complete a form TR1, to register as self employed and then a form 11 annually.

    If the OP is only looking for basic start up advice then it can stay here.


  • #5
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi Irock

    If you are going to be working for a sister company of your employer and this will essentially be your only customer you will need to consider whether you will in fact be effectively deemed an employee of this company and not be self employed.

    This will expose the sister company more then you as they could be found liable for the PAYE/PRSI and Income levie plus interest and penalties. With emergency tax operating this will prove very expensive.

    Therefore I would suggest forming a limited company to avoid this happening.

    Dont worry about a VAT number just yet if it is only going to be small.

    Kind Regards


    dbran


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