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Employed and setting up as a sole trader

  • 01-02-2014 5:59pm
    #1
    pgjk
    Registered Users, Registered Users 2 Posts: 20 ✭


    Hi,

    Looking for a bit of advice on setting up as a sole trader while also in full time employment.
    A couple of queries I have;
    1. Do I need to register with revenue as a sole trader even though I am currently a PAYE employee?

    2. If not, is it just a matter of filling in the tax form at the end of the year showing additional income etc?

    3. I am still not sure if I should register for vat, the additional income will be well under the services threshold and I will not be purchasing very much equipment/materials as it is all computer related/desk work, it would also be less work filing cat returns etc, what is your experiences/preferences?

    4. Do potential business customers like to see that you are a vat registered business?

    5. Is a safety statement and insurance required for a sole trader with no employee’s and working from home only?

    Thanks for the help, I will be getting an accountants advice also but some information from existing sole traders would be great.


Comments

  • #2
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,292 ✭✭✭✭Mrs OBumble


    pgjk wrote: »
    1. Do I need to register with revenue as a sole trader even though I am currently a PAYE employee?

    2. If not, is it just a matter of filling in the tax form at the end of the year showing additional income etc?

    3. I am still not sure if I should register for vat, the additional income will be well under the services threshold and I will not be purchasing very much equipment/materials as it is all computer related/desk work, it would also be less work filing cat returns etc, what is your experiences/preferences?

    4. Do potential business customers like to see that you are a vat registered business?

    5. Is a safety statement and insurance required for a sole trader with no employee’s and working from home only?



    1 Yes. But if you submit a return with enough extra income, the nice folks at Revenue to the registration for you, without having to fill in the form.

    2 That's what I did.

    3 Take advice from an accountant if you think you may be liable.

    4 Depends totally on what business you are in.


    5 Depends on what you are doing, and what you might get sued for. many people won't bother suing you if you don't have insurance or an asset (eg a house) that they could see turning into cash. But some customers may insist on you having them.


    IMHO. Not professional advice.


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