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Starting a side biz but am a PAYE

  • 04-08-2014 1:58pm
    #1
    vibes23
    Registered Users, Registered Users 2 Posts: 149 ✭✭


    Can anyone help me here.

    I work full time PAYE but I am starting a small business. I cant imagine I will turnover huge amounts but I will be advertising so incase the taxman comes knocking I want to be legit.

    I have done some searching but I cant find anything on what i want. All i found is starting own business and becoming self employed, i wont really be self employed.

    I was under the impression I could earn up to 20K without having to declare or is this wrong ? Any help and guidance would be great.

    Thanks


Comments

  • #2
    Citizenpain
    Registered Users, Registered Users 2 Posts: 2,004 ✭✭✭Citizenpain


    Less than about 3k , you'll probably get away with a simple form 12. Anything more and you are self employed / form 11. Everything has to be declared , either way


  • #3
    TOMP
    Closed Accounts Posts: 328 ✭✭TOMP


    As far as I know all income is potenially liable to tax. So you could have a liability to USC, or PRSI or Income Tax for the business income.


  • #4
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    vibes23 wrote: »
    Can anyone help me here.

    I work full time PAYE but I am starting a small business. I cant imagine I will turnover huge amounts but I will be advertising so incase the taxman comes knocking I want to be legit.

    I have done some searching but I cant find anything on what i want. All i found is starting own business and becoming self employed, i wont really be self employed.

    I was under the impression I could earn up to 20K without having to declare or is this wrong ? Any help and guidance would be great.

    Thanks

    Talk to an accountant before you do anything. Running your side business means you will be self employed. Questions are, will you be a sole trader, a partnership or a Ltd company?

    http://www.revenue.ie/en/business/running/registering-tax.html


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