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sole trader while working?

ADAM J · 2013-12-01 19:14:11

Hi all, i'm young and don't know much about this stuff but basically i'm doing an apprenticeship, into my second year now. i would like to set up my own business as a sole trader what would be the situation with tax at the end of the year on my profit? Thanks in advance

01-12-2013 7:14pm

#1

ADAM J

Registered Users, Registered Users 2 Posts: 10 ✭

Join Date: May 2011

Posts: 9

Hi all,

i'm young and don't know much about this stuff but basically i'm doing an apprenticeship, into my second year now.

i would like to set up my own business as a sole trader what would be the situation with tax at the end of the year on my profit?

Thanks in advance

0

Comments

#2 02-12-2013 1:13pm

Alan Shore

Registered Users, Registered Users 2 Posts: 735 ✭✭✭

Join Date: May 2010

Posts: 734

From your turnover you deduct business expenses.

Your can claim capital allowances on equipment that you use for your business at the rate of 12.5% per annum.

Depending on how much you earn on your job you will pay tax on your self employed income at 20%, PRSI at 4% and USC of 7%.

0