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2nd income - what to do?

Shurwhynot · 2014-12-03 21:42:34

I'm looking at setting up my own business on the side. I'm a full time employee but I project that my side business could earn me anything from 8,000 to 15,000 per annum. I will shortly be registering a business name. I have enlisted the help of an accountant friend, who I will be keeping my books and records for - can he…

03-12-2014 9:42pm

#1

Shurwhynot

Registered Users, Registered Users 2 Posts: 561 ✭✭✭

Join Date: October 2007

Posts: 380

I'm looking at setting up my own business on the side. I'm a full time employee but I project that my side business could earn me anything from 8,000 to 15,000 per annum.

I will shortly be registering a business name. I have enlisted the help of an accountant friend, who I will be keeping my books and records for - can he just put together a simple income and expenditure account and I can declare the profit on the Form 12 each year? I will fall below the Vat threshold, so don't need to worry about this.

With regard business expenses, can I claim back for things like petrol, phone etc - what percentage is seen as acceptable?

Any other ways of keeping tax down?

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