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self employed and an employee....

  • 04-08-2011 1:06pm
    #1
    amn88
    Closed Accounts Posts: 36 ✭


    Hi,
    I am starting a business att the moment. I will be holding onto my present job also. Do I need to register as self employed? I will not be paying myself a salry from the business I will just take out a share of profits every month, I am confused as to what steps to take her. Will i be paying tax on those profits,like prsi etc do i have to split tax credits between my employer and my business?


Comments

  • #2
    mari2222
    Registered Users, Registered Users 2 Posts: 568 ✭✭✭mari2222


    Yes, you need to register and self-assess for tax each year, you might think of doing a business course to keep you on the right track. Good Luck!


  • #3
    KildareGeorge
    Closed Accounts Posts: 6 ✭KildareGeorge


    Well done for starting a business in current climate. if you are going to be working in full time job as well, best thing to do would be to complete TR1 which registers you as self employed person. are you registering for vat, are you taking on employees? if yes then TR1 will do all this. available from revenue.ie

    been selfemployed wont in the short term affect your paye employment. if you commence to trade now then first income tax return you will have submit to revenue will be october 2012.


  • #4
    fAzI
    Registered Users, Registered Users 2 Posts: 275 ✭✭fAzI


    KildareGeorge wrote: »
    Well done for starting a business in current climate.

    u think is wrong or good climate for starting own business?


  • #5
    KildareGeorge
    Closed Accounts Posts: 6 ✭KildareGeorge


    NO. think its the best time to start business if you have the know how. huge amount of fear out there at present and conditions are very tough but if you can survive in this climate then it will only get better! be focused, know your costs and above know your customers. focus on the simple things ie how do i promote product? do i need website? simple things have i got business cards! Also if you have transport can i advertise business on that ie van/jeep etc.

    Be sensible in that it maybe tough going but if you have a good product and keep at it then it will go for you and a little bit of luck always helps!!

    well done re starting business.


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