Tax on a Second Employment/Job

Chelsea1

Hi All,

I am looking for some information reagrding taxation or VAT when you have a second job. I have a primary career which I am in 10yrs. I have recently been asked to help out with another company on a part time basis. I have been told one option is to set up as a Sole Trader to do the part time work and this will not affect tax on my primary job. Is this true?
What other options to I have to avoid being heavily taxed?

I hope someone can shed some light on this situation.

Thanks

W

Citizenpain

1. you will only have to register VAT if you exceed the thresholds - see revenue's VAT guide
2. It will not affect the tax you pay in your primary job unless you choose to amend your credits or bands

3. If you are paying tax currently at the higher rate all your income from the second job will be at the higher rate.... there are really no ways to reduce this that are not available to you already

Chelsea1

Hi Citizen,
I just really have no clue about all of this. I'm more into electronics unfortunately. How would I go about setting up vat for my second job. I will be paid per work done rather than a salary. Therefore some weeks I may earn more than other. And other weeks maybe nothing. Any further info would be greatly appreciated.

Cheers

Citizenpain

see here for registration info

http://www.revenue.ie/en/tax/vat/registration/index.html

I strongly advise that you talk to an advisor on this --

Mr. Incognito

whoa whoa whoa.

VAT???

Seriously??

This is micky mouse stuff. Forget VAT. If you are not VAT registered you DO NOT charge Vat. This will keep your bills down. Simple

Keep a calculation of the extra income. If it is over 10K i'd be shocked.

Send in a Form 11 in October 2013. End of.