Opening an online shop as a second income

ntgar

Hello everyone,

Ive been buying and selling online for a while now and Im thinking of opening an online shop as a second income ( i have all my product and supplier Homework done ) the main thing im wondering about is im currently in full time employment so how will it affect me becoming a sole trader, would it affect my current jobs weekly wage ie. tax, levy etc.

Any ideas or help would be great.

The Apprentice

We get questions like this every month on this forum, its good and bad to see..

Good in the sense people are doing the legwork, and ideas are well though out and worked on but bad to see that it is indeed the minor things that are stopping people.

The thoughts your having wouldnt enter my brain until that business had a 5 figure turnover.. anything less is a part time nixer not worth thinking about. I know im going to get the usual flame, oh dont be doing the dodge on it etc.
We see business,s like this come and go daily and never make a buck, i say make the buck then fill in those forms - not first !!

DubTony

The only things you should be concerned with are the tax implications and whether or not your employment contract forbids you for working for somebody else / yourself.
Your employer can't reduce your wages, and the tax information is available at www.revenue.ie
Don't be afraid to call the tax people if you have to. They don't bite. Much

ntgar

Thanks for the replys glad to see othe peoples views thanks again

vikashmundaa

ntgar wrote: »

Hello everyone,

Ive been buying and selling online for a while now and Im thinking of opening an online shop as a second income ( i have all my product and supplier Homework done ) the main thing im wondering about is im currently in full time employment so how will it affect me becoming a sole trader, would it affect my current jobs weekly wage ie. tax, levy etc.

Any ideas or help would be great.

It may affect timing of you day job running an online store is based on trust you need to provide customer support answer all your buyers question because most of them doesn't buy things right away but if you can hire staffs that will make your work easier.

sandin

as above, its most important to have queries answered quickly. Get the email for the new business onto a smart phone and try and answer queries within a couple of hours.

as for tax - you simply do an end of year return with all net earnings including from day job, work out tax due, deduct tax taken from you already and pay the balance - quite simple, but best to get an accountant to do it (quite cheap)