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worth going self employed?

  • 20-06-2011 12:59pm
    #1
    jobdilemma
    Closed Accounts Posts: 2 ✭


    Just looking for a bit of advice here...

    At the minute i'm just finished college and on paper, doing nothing, not claiming anything etc... however i'm working hard to help get a start up business of the ground and make myself a job and that *should* materialise in to something over the next month or so (still working on paperwork but have vebal agreement on private funding).

    However, as back up and simply to earn something in the mean time, i'm looking to go self employed. Anticipated earnings through self employment would be minimal, we're talking about a few grand per year (IT contracting), but i'd like to keep it all above board.

    Basically i'm asking if it makes sense financially to register as self employed and how would that impact on tax / prsi?


Comments

  • #2
    Forest Master
    Registered Users, Registered Users 2 Posts: 1,466 ✭✭✭Forest Master


    I wouldn't register anything yet, as you can always backdate the date you started trading, if you make money out of the project. Don't put the cart before the horse & make unnecessary hassle/work/admin for yourself in case nothing comes of it. Just keep an Excel doc of all your money in and any expenses you incur - i.e. money out (keep receipts). Subtract the 2 totals and that's your profit; which you'll pay income tax on. You don't pay PSRI if you're self employed.

    If you start trading now, you wont need to submit & pay your 2011 tax return until 31st October 2012 - so plenty of time. Keep it simple for now though (simple P&L in Excel), and get earning money first!


  • #3
    jobdilemma
    Closed Accounts Posts: 2 ✭jobdilemma


    Forest Master wrote: »
    I wouldn't register anything yet, as you can always backdate the date you started trading, if you make money out of the project. Don't put the cart before the horse & make unnecessary hassle/work/admin for yourself in case nothing comes of it. Just keep an Excel doc of all your money in and any expenses you incur - i.e. money out (keep receipts). Subtract the 2 totals and that's your profit; which you'll pay income tax on. You don't pay PSRI if you're self employed.

    If you start trading now, you wont need to submit & pay your 2011 tax return until 31st October 2012 - so plenty of time. Keep it simple for now though (simple P&L in Excel), and get earning money first!

    Great advice, makes total sense & exactly the reason why i posted :) thank you


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