anyone around for emergency advice?

frenchmartini

re PAYE and self employed at same time?

I work part time and am PAYE but have been offered consultancy work at 2000e a month.

Revenue say i'd need to fill in a form 11, and that's ok, am trying to work out what i'd earn roughly, after tax liabilities from both PAYE and self employed were factored in. if it's all going to be eaten up by tax, it might not be worth my while.

have to let the consultancy people know today

thanks

relax carry on

frenchmartini wrote: »

re PAYE and self employed at same time?

I work part time and am PAYE but have been offered consultancy work at 2000e a month.

Revenue say i'd need to fill in a form 11, and that's ok, am trying to work out what i'd earn roughly, after tax liabilities from both PAYE and self employed were factored in. if it's all going to be eaten up by tax, it might not be worth my while.

have to let the consultancy people know today

thanks

Not enough info to go on.

But for example in the "worst" case scenario;

Say in your PAYE job, you are using all of your credits and standard rate band, then your self employed earnings will all be taxed at 41% + PRSI + USC.
You may be able to decrease this with tax deductable expenses/ capital allowances incurred in your self employed role.

If in doubt seek professional advice from a tax advisor/accountant.

http://www.revenue.ie/en/tax/it/leaflets/it10.html

frenchmartini

thank you. i've spoken to an accountant and he's helped me see things a bit clearer.

ta for your helpful reply.

JCYSHOW

You need to give some more information in relation to your PAYE income at the moment, your personal circumstances, married etc, the type of consultancy and the costs involved.

Is the €2000 per month after deducting costs or will you even have any costs to deduct?


If you are uncomfortable posting this info on the forum send it via PM.