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Being a PAYE worker and self-employed

  • 25-06-2015 1:19pm
    #1
    RoboRat
    Registered Users, Registered Users 2 Posts: 2,559 ✭✭✭


    I am a PAYE worker but I also have my own business that I run at the weekends and after hours - its a sporting apparel company.

    I am tax registered with my other apparel business - its a partnership with another guy and all dealings are by the book. I am thinking of asking to cut my hours in work to work 2 or 3 days and start up another business (consultancy). This is something that I have always wanted to do and I am constantly being asked to do work but I don't have the time working 5 days.

    Is it possible to be both a PAYE worker and also run my own business? Has anybody done this and would be able to offer advice? Ideally, I would like to go completely solo but my wife is quite worried about finances so we are looking at the option of working less days and going solo to test the water, build up a client base and then go into it fully.

    Obviously, this will depend on whether my boss is happy with the arrangement but I am paid about half of what the industry standard is and I have proven to be a very good asset so I am hoping this will stand to me and they will think its better to get the 3 days than me leave completely.

    Also, what affect would being self-employed have on getting a mortgage? I have a house already but I am looking to sell. I won't make much, if anything, as it was bought in 2005 and its still in NE. I have heard that its a lot harder to get a mortgage being self-employed as they ask for more of a deposit and offer less.

    If anybody could give me some insight, it would be most appreciated.


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