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Supplementing income and need to pay tax

anamcarame · 2010-09-28 16:43:24

I am working full time and have just starting to earn some extra cash through providing a service outside of my regular job. I was advised by a friend to set up as a sole trader and declare the income. AS I want to be legit what are my options? Should I just declare the income at the end of the tax year as extra income and…

28-09-2010 4:43pm

#1

anamcarame

Closed Accounts Posts: 139 ✭✭

Join Date: August 2009

Posts: 68

I am working full time and have just starting to earn some extra cash through providing a service outside of my regular job. I was advised by a friend to set up as a sole trader and declare the income. AS I want to be legit what are my options? Should I just declare the income at the end of the tax year as extra income and if so how do I do this? Surely setting up as a sole trader has costs involved. What re the advantages or disadvantages to either way? I reckon my income will be supplemented by about €200 per month all going well.

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