prsi taxpayer also selfemployed ?

bob5666

I have a full time job 5 days a week and am starting a small business at weekends turnover may 10000 a year whats best way of doing this I am going to be a limited company

Johnny Be Goode

Setting up a company for most people in your circumstances is probably not the best idea. Turnover too low,accountants fees,directors duties are too onerous,legal issues,CRO filings etc etc etc

pedronomix

bob5666 wrote: »

I have a full time job 5 days a week and am starting a small business at weekends turnover may 10000 a year whats best way of doing this I am going to be a limited company

Far too small to be a ltd company, why not a sole trader?

bob5666

pedronomix wrote: »

Far too small to be a ltd company, why not a sole trader?

Sole trader I be afraid personal being sued if things went wrong might be a reason
What cost would I have more with limited company sure Id need accountant also with sole trader
I would have more tax breaks with limited company I would think

bob5666

Johnny Be Goode wrote: »

Setting up a company for most people in your circumstances is probably not the best idea. Turnover too low,accountants fees,directors duties are too onerous,legal issues,CRO filings etc etc etc

That be in worst case sanerio 10000 could be 30000 no problem
I just want to be tax compliant and dont want to be personnal sued for doing my job

joejobrien

bob5666 wrote: »

I have a full time job 5 days a week and am starting a small business at weekends turnover may 10000 a year whats best way of doing this I am going to be a limited company

Before you go any futher, speak with a good accountant and get GOOD advice , imo your already off on the wrong leg. If your afraid of been sued I think you need to look at it again . Nice to see some drive in people though

bob5666

joejobrien wrote: »

Before you go any futher, speak with a good accountant and get GOOD advice , imo your already off on the wrong leg. If your afraid of been sued I think you need to look at it again . Nice to see some drive in people though

Yea think ill do that alright best seek accountants advice
Dont think I am going to be sued put just worst worst case sanerio didnt work all my life and then let me be sued and left with nothing

pedronomix

OP.. you clearly are all at sea with this and thus the safest path would be to get some professional advice. It is impossible to advise you as you have not shared the risk profile, it is highly unlikely that any accountant would be expert in any risk of being sued... if this is a real risk... ask for/seek quotes for insurance cover to indemnify the risk. Under €100K sales Ltd company is nonsense, this is a public forum and you need to understand that some of the posters proffering advice are school kids, but there is the odd seasoned or well experienced advisor on here too. The trick is to look at their history and the quality of their other posts.

CIARAN_BOYLE

Annual requirements for ltd company
Aunnual Return B1
Full set of accounts
Abridged Accounts for CRO
CT1 corporate tax return
P35 wages return (even if you are the only employee)
Form 11 income tax return for directors (must be at least two)

Annual requirements for sole trader
Income & expenditure account
Form 11 income tax return

bob5666

CIARAN_BOYLE wrote: »

Annual requirements for ltd company
Aunnual Return B1
Full set of accounts
Abridged Accounts for CRO
CT1 corporate tax return
P35 wages return (even if you are the only employee)
Form 11 income tax return for directors (must be at least two)

Annual requirements for sole trader
Income & expenditure account
Form 11 income tax return

Thanks for the info