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Help becoming self employed while PAYE

  • 30-05-2011 7:42am
    #1
    tippgod
    Registered Users, Registered Users 2 Posts: 225 ✭✭


    Hi all

    i am looking for information on how to become self employed. At the moment i currenlty work for a company full time and do a 3 day week shift. On my days off, i want to start up a little company fixing power tools and the like for a friends business. I already have the work butmy friend wants me to be self employed so i can bill them for the work rather than they giving me cash in hand. I estimate i would be getting anywhere from 80 to 160 euros a week depending on the work.

    How do i go about starting up while still being a PAYE worker?What are the implications of it all.

    Thanks


Comments

  • #2
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    tippgod wrote: »
    Hi all

    i am looking for information on how to become self employed. At the moment i currenlty work for a company full time and do a 3 day week shift. On my days off, i want to start up a little company fixing power tools and the like for a friends business. I already have the work butmy friend wants me to be self employed so i can bill them for the work rather than they giving me cash in hand. I estimate i would be getting anywhere from 80 to 160 euros a week depending on the work.

    How do i go about starting up while still being a PAYE worker?What are the implications of it all.

    Thanks


    Hi "Tippgod",

    There are no implications, do the following:
    1. Register as a sole trader with the CRO
    2. Register as a sole trader with Revenue by filling out form TR1
    You will only need to register for income tax as it is unlikely you will exceed €37,500 limit for VAT.

    It may be no harm to get an accountant/bookkeeper to help you out, won't be that expensive as your number of transactions is likely to be only 10-15 per month but an accountant will end up saving you money at the year end.


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