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Setting up a consulting business

  • 22-01-2015 10:28am
    #1
    Sammy Sam
    Registered Users, Registered Users 2 Posts: 5 ✭


    Hi all,

    I am currently reviewing employment terms on behalf of a family friend (25) who is working for a manufacturing company in Dublin in their operations department. His current salary is circa 50k plus expenses.

    He is also interested in acquiring an investment property to rent out in a university district. I am interested to hear your views on whether it might be a good idea for the individual to set up a consulting business and then be sub-contracted by his current employer. He would then also be able to purchase the property in the company's name.

    My question here is what are the potential benefits/drawbacks of this idea or is it even a feasible plan worth considering?

    Thanks.
    Tagged:


Comments

  • #2
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Sammy Sam wrote: »
    Hi all,

    I am currently reviewing employment terms on behalf of a family friend (25) who is working for a manufacturing company in Dublin in their operations department. His current salary is circa 50k plus expenses.

    He is also interested in acquiring an investment property to rent out in a university district. I am interested to hear your views on whether it might be a good idea for the individual to set up a consulting business and then be sub-contracted by his current employer. He would then also be able to purchase the property in the company's name.

    My question here is what are the potential benefits/drawbacks of this idea or is it even a feasible plan worth considering?

    Thanks.

    First of all, if he is 100% contracted to one company Revenue will likely treat him as an employee. There are a few indicators, and the company paying expenses is another indicator that he is an employee.


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