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  • 06-05-2015 8:32am
    #1
    PalLimerick
    Registered Users, Registered Users 2 Posts: 497 ✭✭


    Hi,

    Im currently working full time and paying tax under PAYE system. I am setting up a business registered as a sole trader with the CRO. I will then register with the revenue under the self assessment. Will paying tax under the self assessment effect my job as paying tax under the PAYE system. I will be paying tax under two tax systems.

    I have read my full time job contract and I can set up my own business so long as its not in competition with my job. So I am ok on that front. Should I still tell my employer ?

    I will also set up a business bank account. I assume I will need normal account opening documents plus a certificate of registration. Is that right ? Do the banks require a big deposit to open an account ?

    I hope this makes sense, and is readable as im posting on my phone. Thanks for reading my post and any advice is welcome.


Comments

  • #2
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    It sounds like you have pretty much thought through the issues.

    I really wouldn't tell my employer, but that really depends on what's practical. If they are going to find out anyway, then you have to look at it. But really, I doubt your employer wants to know about it.

    The bank account is really just another personal bank account. If you want to cash cheques into the account under your business name, you will need to give them a copy of your business name registration cert.


  • #3
    PeteF
    Registered Users, Registered Users 2 Posts: 43 ✭PeteF


    Banks don't usually need a large deposit to open an account, but it's a good idea to have a few euro in one to cover any fees that might accrue on it.

    In relation to telling your employer, it's entirely a matter up to you. It may be worthwhile being honest with them, but make it clear your new business will not interfere with your work for them, and won't be competing.


  • #4
    pedronomix
    Closed Accounts Posts: 997 ✭✭✭pedronomix


    Read your contract of employment, if you dont have to, dont!!


  • #5
    JMR
    Registered Users, Registered Users 2 Posts: 636 ✭✭✭JMR


    PalLimerick wrote: »
    Should I still tell my employer ?

    Do not tell your employer unless your contract of employment compels you to do so, there is no benefit for you in doing so


  • #6
    PalLimerick
    Registered Users, Registered Users 2 Posts: 497 ✭✭PalLimerick


    JMR wrote: »
    Do not tell your employer unless your contract of employment compels you to do so, there is no benefit for you in doing so

    Hi. Thanks for all the replies on here. They are much appreciated.


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