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Setting up a small business and full time job

  • 19-02-2014 5:57pm
    #1
    Wicked131
    Registered Users, Registered Users 2 Posts: 115 ✭✭


    Hi

    I want to set up a small business (electronic store), but I'm also employed on a full time basis.

    1. What do I have to do apart from registering my business with CORE?
    2. What's the difference between settin up a business when you are already employed vs when you are not employed.


Comments

  • #2
    Buttercake
    Registered Users, Registered Users 2 Posts: 539 ✭✭✭Buttercake


    no real difference except the person unemployed will lose their social, unless they are on a scheme and the person working will pay more tax

    You wont need to register for vat unless you go over the threshold of 37,000

    You'll need to file TR1 form to register your new business for income when you start up.

    Your tax liabilities may be higher (50%) because you are on a full-time salary. Get in touch with an accountant who will go through your salary, credits etc and will tell you your liabilities against your potential earnings.

    Might be an idea to let your employer know if there will be a conflict of interest or if its going to take up a lot of your time!


  • #3
    ironclaw
    Registered Users, Registered Users 2 Posts: 8,004 ✭✭✭ironclaw


    Buttercake wrote: »
    Might be an idea to let your employer know if there will be a conflict of interest or if its going to take up a lot of your time!

    Really good point and remember some contracts specifically forbid conducting personal business ventures. Worth checking this one out fully.


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