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Own business and working Full Time Question...

  • 09-08-2010 8:13pm
    #1
    unklerosco
    Registered Users, Registered Users 2 Posts: 7,828 ✭✭✭


    I work full time but have also setup my own business. Now, I'm either going to register as self employed or setup a Ltd. company.

    As this will affect my income tax etc. will my employer be notified of this??


Comments

  • #2
    CompFix
    Closed Accounts Posts: 73 ✭✭CompFix


    unklerosco wrote: »
    I work full time but have also setup my own business. Now, I'm either going to register as self employed or setup a Ltd. company.

    As this will affect my income tax etc. will my employer be notified of this??

    Notifying them in relation to your tax would only apply if set up a limited company and wanted to pay a wage from it and perhaps wanted to adjust your credits between the 2 jobs. If you're not utilising them all in your current full time job this would be advisable.

    You don't need to notify them if you operate as a sole trader.

    The last thing is to check your employment contract (if you have one) and check if there's anything in there about having a 2nd job.


  • #3
    unklerosco
    Registered Users, Registered Users 2 Posts: 7,828 ✭✭✭unklerosco


    And what if I don't take a wage from it. Myself and the missus will be the directors so she'll be taking a wage and I'll just leave my wages in the business... This will of course change when I eventually leave full time employment...

    Just checked my contract there and there's nothing in it about a 2nd Job.

    My employer knows my partner has her own business so I could just say that she's setting up a Ltd. Company and I'm down as one of the directors...


  • #4
    CompFix
    Closed Accounts Posts: 73 ✭✭CompFix


    If you don't take a wage then there's no reason to move credits, so no reason to notify them of anything.


  • #5
    Axwell
    Moderators, Computer Games Moderators Posts: 10,462 Mod ✭✭✭✭Axwell


    As long as its not in a related business where you might be competing with your current employer you have no reason to tell them. You just file a tax return at the end of the year and fill in the additional income section so that you are filing this business along with your own PAYE taxes for any income you make.


  • #6
    unklerosco
    Registered Users, Registered Users 2 Posts: 7,828 ✭✭✭unklerosco


    Cheers.. Thanks for the help


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