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Register DJ as Business

  • 06-08-2014 3:38pm
    #1
    djdaven
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi,

    Does anyone know how I could go legit as a dj and be able to invoice for gigs, paying tax at end of year etc?
    I also work full time so wonder how much tax I'd be paying.

    Thanks


Comments

  • #2
    Citizenpain
    Registered Users, Registered Users 2 Posts: 2,005 ✭✭✭Citizenpain


    Start here

    http://www.boards.ie/vbulletin/showthread.php?t=2055559218

    There isnt a short answer to this sorry : Might be worth your while sitting with an accountant


  • #3
    Mobile Dj
    Registered Users, Registered Users 2 Posts: 54 ✭✭Mobile Dj


    Sole trader with CR0 best option.

    Keep all receipts/invoices and at the end of the year get an accountant to submit your returns.

    Tax amount will depend on total amount of the day job and total profit from Djing.

    look at the thresholds on revenue.ie and see at what income level brings you into the higher band of tax.

    HTHs


  • #4
    2ndcoming
    Registered Users, Registered Users 2 Posts: 3,588 ✭✭✭2ndcoming


    Agree with everything apart from employing an accountant. For a basic sole trader business like this just keep a record of all your income from gigs, totting up fuel / equipment expenses as you go.

    At the end of the year the total income from gigs is your gross profit less your expenses gives you your net profit. Three important lines to fill in on a tax return, it's not something that would warrant paying an accountant a few hundred euro to do for you.


  • #5
    Mobile Dj
    Registered Users, Registered Users 2 Posts: 54 ✭✭Mobile Dj


    2ndcoming wrote: »
    Agree with everything apart from employing an accountant. For a basic sole trader business like this just keep a record of all your income from gigs, totting up fuel / equipment expenses as you go.

    At the end of the year the total income from gigs is your gross profit less your expenses gives you your net profit. Three important lines to fill in on a tax return, it's not something that would warrant paying an accountant a few hundred euro to do for you.

    Because you have a fulltime job your Djing is considered part time, an accountant will be able to breakdown what percentage of fuel/phone etc is used for business and how much is personal

    equipment as far as I know is written off over a number of years, not as simple as total in - total out = taxable profit ("allowable out" should replace "total out").

    think this is accurate, worth visiting a tax advisor to get breakdown.


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