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PAYE out of Ireland and set up sole trader in Ireland?

  • 01-11-2013 9:00pm
    #1
    mechainical
    Registered Users, Registered Users 2 Posts: 19 ✭


    Hi all,

    I am looking for some advice/info about a little venture I am thinking about setting up.

    I work as a PAYE employee out of the country, i.e. I work away for periods of time and pay tax to the country in question (double taxation agreement with Ireland). I was thinking about setting up a small business back in Ireland for when I am not away. Any advice on the best way to do this? Would I be better to set up as a LTD company or as a Sole Trader?

    I plan to only start out small, is there a min required income from this company that would be required before I could use a commercial van/jeep?

    With the way I work, I would only be doing about 6 jobs/year with this new business I would set up, but it could be less, or it could be none!

    Any advice is welcomed.

    Thanks
    M


Comments

  • #2
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    There is nothing unusual about having PAYE and non- PAYE income. For simplicity the sole trader route has the lowest running costs and it separates income from sales revenues and the associated costs allowable against taxation.


  • #3
    mechainical
    Registered Users, Registered Users 2 Posts: 19 ✭mechainical


    Peterdalkey wrote: »
    There is nothing unusual about having PAYE and non- PAYE income. For simplicity the sole trader route has the lowest running costs and it separates income from sales revenues and the associated costs allowable against taxation.

    Thanks for info. What about using a commercial jeep/van? Is there a minimum earning required to use one? I.e. I have the capital to get one, but if the new business does not do any work can I still use one? ( for business purposes of course)


  • #4
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    I would imagine it would be difficult to get much of it's use allowed against tax when you are out of the country a lot of the time and then doing no business when here! I am pretty sure you could get some relief for any use in trying to secure new business.. A bit of professional advice from an accountant would be a wise move.


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