Self Employed?

Bob Bob

I will soon be starting a new job where I will be considered self employed, having worked the previous 12 years as a full time PAYE earner I have no idea what self employed entails.
I had a look at citizens advice but it seems a whole lot of gobbledy gook to me and I will be giving them a ring later, once Ive read up a bit more about it. In the mean time could anyone explain in simple terms what the differences self employment will bring?

srsly78

It means your are responsible for paying your own tax. Noone will do it for you. Failure to pay can lead to penalties.

Self-employed is an ambiguous term, it can refer to either a sole trader or a proprietary director.

Citizenpain

http://www.revenue.ie/en/tax/it/leaflets/it10.html

relax carry on

The other thing to consider is if you should actually be self employed. The person hiring/contracting you might be missclassifying you as self employed when you should be an employee. The link below explains more.


http://www.revenue.ie/en/tax/rct/determining-the-correct-employment-status-of-a-worker.html

Jurga78

Hi, I'll join the thread. Same situation, starting the self employment (independent contractor - how the agreement calls it).
Taxes. Is it just income tax once a year? Or PRSI and USC apply as well ?
When do I have to register with the Revenue? Straight away or when I get my first payment or before the income tax due date?
Can I pay the commercial Road taxes if I use my car to get to clients houses to work there ?
Jeez, millions of questions...

srsly78

As above - "self employed" can refer to multiple things. You have to be more specific. Sole trader is different from company director.

In either case - you should probably retain the services of an accountant, for both advice and returns.

In addition to the Revenue links above, try this one: http://www.selfemployedsupports.ie

Jurga78

A company is hiring me on a self employment basis. I doubt that I'll be making loads of money, so the accountant is not an option in my case.
The revenue link pretty much answers my questions, except for the car Road tax / insurance

paul71

Jurga78 wrote: »

A company is hiring me on a self employment basis. I doubt that I'll be making loads of money, so the accountant is not an option in my case.
The revenue link pretty much answers my questions, except for the car Road tax / insurance

Commericial road tax is only for commercial vehicles/passener hire vehicles, more simply put unless you are driving a diesel van/truck/jeep capable of making stock deliveries the answer is no.