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Sole trader and PAYE worker.

  • 24-04-2013 11:53am
    #1
    thedonbot
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi folks.
    I've been looking round here a while and now I'm looking for some info for myself.
    I'm a full time PAYE worker but have recently started a small home business. Just at early stages but have filled some orders and I could see this being a nice small additional income.

    So to keep things straight I'd like to register with the tax man, keep basic accounts and when I'm in profit pay taxes due.

    Can I do my own accounts and submit them myself or must I have an accountant? Overall I expect to make a loss for a year or two so the additional expense I could do without.

    Now for the "friend of a friend" query. I was told not to be afraid to get an accountant as any loss I make will deminish my PAYE next year so it's worth the investment. How does this really work?

    Keeping my own accounts doesn't scare me but are there templates available to help the likes of myself, I just don't know the format they are kept in.

    There's more questions but I'll keep it to that for the moment.

    Cheers.


Comments

  • #2
    hjr
    Registered Users, Registered Users 2 Posts: 566 ✭✭✭hjr


    Legally you don't need an accountant to do your returns. However, if you are unsure about what your doing then it makes sense to seek professional advice. Its one thing to keep your books and records, but its another to do your tax return, and ensure its done correctly.
    For example, in terms of offset of loss, this isn't something to be learned from boards.ie, and is best coming from an accountant, or tax advisor. It may be best to speak to an accountant in general terms about what you want to do, and he can give you advice about what you need to do and how to keep accounting costs down. A good accountant isn't interested in making a fast buck with a client. Its far better to be fair and keep the client longer!

    In terms of a template, it depends on what your business is. For something basic, you could use Sageone which costs about €72 per year. You could of course use spreadsheets also, but mistakes in formula can cause problems. Again a quick chat with an accountant will put you right.

    Hope this helps


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