Question on earning additional income as a sole trader/ind company etc

I've been offered the chance to earn additional income outside of my normal full time job i.e. in my off hours / weekends etc and I've been asked to look at setting myself up as a contractor so that I can be paid direct, rather than them covering my expenses, messing with receipts etc

Firstly, I'm unsure if I can actually do this as I'm in full time employment already so theres that.

If it is ok to do this, I was looking at doing it through an umbrella company as it would be the least amount of hassle for me, especially considering the offer is intermittent in nature, as in I might only get a few hours one week, none the next, a load the week after and so on. Is this the best/easiest waty to go about this, and if I go with an umbrella company does that mean I'll get hammered in tax in my full time job or vice versa?

I have looked at speaking to the local enterprise office in my local council but I'm currently sitting on a cancellation list waiting for an appointment (best they could give that suited was mid Jan)

Any suggestions would be appreciated as I'm lost on what I can/cant do and the best way to do it

smcgiff

You can of course set up a business and invoice the company for additional work.

I'd personally be slow to set up a limited company based on what you have said above.

A sole trader may be the way to go if it's casual. You might want to consider insurance if a sole trader if it's possible the company may sue you based on advice/work you carried out for them.

smcgiff

smcgiff wrote: »

You can of course set up a business and invoice the company for additional work.

I'd personally be slow to set up a limited company based on what you have said above.

A sole trader may be the way to go if it's casual. You might want to consider insurance if a sole trader if it's possible the company may sue you based on advice/work you carried out for them.

Thanks for that

Everything I've read / found has related to either independent company or umbrella company. Is there any resources out there that are recommended regarding setting oneself up as a sole trader that I can read up on

smcgiff

For the taxation implications you could start here.

http://www.revenue.ie/en/business/running/registering-tax.html#section7

Different business vehicles and pros and cons...

http://www.businesscompanyformations.ie/soletrader.htm


Good luck.