Have a job but want to set up a company

p4ddyh1

Hi, I have a job as an electrician which should be safe enough for the time being. However, I`ve been offered a maintenance contract which is part time, work would mainly be done out of hours so wouldnt affect my current job. I was just wondering if it is possible to register myself as a company so that i can certify my work whilst keeping my job, and what sort of process I would need to go through. All help will be appreciated

2011

p4ddyh1 wrote: »

work would mainly be done out of hours so wouldnt affect my current job.

No impact on the current job, really?

I was just wondering if it is possible to register myself as a company so that i can certify my work whilst keeping my job

Your employer may see you as a rival. Do you have a written contract with him at present? Does this contract permit this? If not you are permitted to proceed.

what sort of process I would need to go through.

In no particular order: Set up the company (two directors required, register etc.), get an accountant & bookkeeper, join the ECSSA or RECI, get test equipment, get insurance, open a business account, do the work (try to get paid), say a few prayers.

Irish Steve

Depending on the size of the contract, at some stage, talking to an accountant about the implications of registering or not for VAT, and things like the eligibility for tax write offs of using private vehicle, mobile phone etc, vehicle insurance requirements as a trader rather than just social domestic and pleasure are a few other things I can think of to add to that list.

p4ddyh1

Cheers for the replies, my job definitely wouldn't be affected. It's a family business so I can talk to their accountant about the tax implications. Do I have to have my own test equipment to register with eccsa? How much would that cost roughly?

Fine Day

Yes you need your own test equipment as far as I am aware as you to to have it calibrated every year and RECI or ECSSA need to inspect it also.
Fluke do the multi tester and I thinks it less than 3k depending on what spec you go with.
These is other expenses you need to consider also like insurances and ECSSA or RECI annual fees. You would want to be doing a good few hours to make it worth your while before you make a bit of money.

My big question is why do you want the hassle of setting up a company on the side. Why kill yourself working all hours. Life is too short to be working the whole time.

The_Mask

As Theheff says Life is too short to be working the whole time.

Use your hard earned highly taxed wages from your own employer to enjoy the time you have when your not working.

theenergy

there is no need to setup a company for such a low turnover.

Robbie.G

Also remember you have to get your qc number if you want to issue certs and the way things are you have to issue a cert for everything ie restricted works

okiss

I would give you the following advice.

I would think long and hard before setting up a business.
a) Look at what costs you will have to set up your business - new equipment, registering ect before you make any type of return
b) Are you costing the work you are planning to do properly taking into consideration the above
c) Consider how much tax you will have to pay on your earnings and how to work the tax system to suit you
d) If your doing a maintenance contract what happens if the company have a problem or they want you to work on a certain day due to there business needs?
Which comes first your job which pays your wage or your part time job?

I would not talk to your companies accountant if you are setting up your own business. They will tell your boss and this could effect your present job.
I would not tell your co workers as they will tell your boss.

I would advise you to pay for a company report for the company who have offered you this job - look up www.solocheck.ie for this.
You need to see how they are managing there business - if they are in a lot of debit don't get involved with them.
I know several people in business and they would use solocheck and make enquiries before doing business with companies/individuals.
I would also ask some older people you know - do you know anything about x company? It is amazing what some people hear and know about companies.

I would also find out why this job has come up now - has some one left the company or are they outsourcing work?
Asking questions or finding out some information now could help you make better decisions in regards to your future. If you are going to be spending several thousand euro in order to take on this work you want to make sure that you will get paid.