Setting up a small business while working full-time

gnolan

I'm looking to set up a small business while working a full-time job. Managing the two time-wise isn't a problem but the i'm unsure as to the financial implications.

I've read that if i earn €37,500 in respect of the supply of services i must register for VAT. I can safely say that i won't be generating any kind of revenue near that figure.

My main concern is what kind of tax and fees can I expect to pay and am i entitled to any Social Welfare payments if I lose my full-time job and am not earning any money from the business i set up?

kennyb3

gnolan wrote: »

I'm looking to set up a small business while working a full-time job. Managing the two time-wise isn't a problem but the i'm unsure as to the financial implications.

I've read that if i earn €37,500 in respect of the supply of services i must register for VAT. I can safely say that i won't be generating any kind of revenue near that figure.

My main concern is what kind of tax and fees can I expect to pay and am i entitled to any Social Welfare payments if I lose my full-time job and am not earning any money from the business i set up?

You'll need to file a form TR1 to register your new business for income when you start up.

The tax will depend on your level of salary, so if you are already paying at the top rate the tax will be a total of 50%+ on the extra income.

You won't lose any social welfare entitlements as long as you are in you are in PAYE employment.

If you're around the Dublin area I can help you with filling out the TR1, provide excel templates for maintaining accounts (to minimise fees), discuss allowable expenses with you etc. Feel free to PM me.

gnolan

kennyb3 wrote: »

You'll need to file a form TR1 to register your new business for income when you start up.

The tax will depend on your level of salary, so if you are already paying at the top rate the tax will be a total of 50%+ on the extra income.

You won't lose any social welfare entitlements as long as you are in you are in PAYE employment.

If you're around the Dublin area I can help you with filling out the TR1, provide excel templates for maintaining accounts (to minimise fees), discuss allowable expenses with you etc. Feel free to PM me.

That's great info and thanks for the offer.

kennyb3

gnolan wrote: »

That's great info and thanks for the offer.

No problem, if you need anything else fee free to ask or PM me.