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PAYE and Sole trader

  • 08-09-2014 3:32pm
    #1
    Rosswind
    Registered Users, Registered Users 2 Posts: 9 ✭


    Hi all,
    I'm currently in full time employment i.e. PAYE. I have been presented with the option of making some extra income through providing myself as a service to movie companies based in Northern Ireland and the UK.
    If all goes well this may become my sole income at a later date.
    I've been asked to provide an invoice/quote for a service due in the next couple of weeks and am wondering what the process is and the implications.

    1. My wife is also in full time employment - How will this affect her - if at all
    2. Income from a foreign source - Different to Irish based income?
    3. Does my current employer need to know if it doesn't affect my work?
    4. How soon can I be registered as a sole trader to honour the impending contract and send out the paperwork?
    5. The extra income will be taxed at 52% approx, I presume, as we earn close to 100k combined at the moment?
    Any heads up would be very useful,
    R.


Comments

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


    If the income for the year is under €3,175 and the people you're invoicing don't ask you for a tax clearance cert you can declare the income on a Form 12 PAYE return in the following year. If not you need to register as a sole trader by submitting a Form TR1 to Revenue.

    You will be required to declare you and your wife's annual income for the previous year by the 31st October of the following year. This is best done by registering on ros.ie after you've submitted the TR1.

    Once the income is over €3175 for the year you have to file as a sole trader even if the vast majority of your income is PAYE, self-earned income takes precedence in Revenue's eyes.


  • #3
    Rosswind
    Registered Users, Registered Users 2 Posts: 9 ✭Rosswind


    Hi
    Thanks for the prompt reply.
    Another question: we are also in the process of moving from the south to the northeast. As a result there may be a period where I am unemployed from my paye job. Will I be able to claim benefit/assistance if registered as a sole trader? I don't expect my extra income to exceed 3000 before October 31 but should rise to 10000ish in 2015.


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


    I wouldn't know to be honest, don't really know anything about social welfare entitlements.


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