Sole trader question.

muracan

Hi, I am thinking of setting up a small business, probable turnover 35k per annum to supplement my 3 day week PAYE job and come off jobseekers benefit.
Can I exist as a sole trader and a PRSI worker.Obviously I would be above board with the dole office and taxman but where would I stand as regards dole if it goes belly up?
Any advice appreciated.

Thanks

TiGeR KiNgS

Yes, you can be on PAYE and Sole Trader at the same time.
However you will have to pay your own tax on the self assessment system for your business.

Have a look at the info leaflets
http://www.revenue.ie/en/tax/it/leaflets/it10.html#section13

lakill Farm

Hi Muracan,

With turnover of 35k you will more than likely need to register for VAT.

You will need to talk to an accountant or good bookkeeper wh will help you do some simple tax planning that really will pay off in the long term.

PM me i your looking for any help. Im in that game. ANd also have the practical experience of running a successful business.

kennyb3

lakill Farm wrote: »

With turnover of 35k you will more than likely need to register for VAT.

I'd say that will strongly depend on whether its a service business or whether they are selling goods

Kieron854

im in the same boat but would not expect to turn a profit for maby 3 years can i write off losses against paye as this is probably the only way i could proceed ( im tight enough as it is) but i think it could make money once established