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starting up as sole trader

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  • 09-01-2016 6:06pm
    #1
    magic roundabou
    Registered Users Posts: 246 ✭✭


    evening
    I apologise if this has been covered before but just want to get everything straight in my head
    i was PAYE employed for last year but am now started as job from 4th of January where i am on contract as a book keeper and need to set up as a sole trader - i will just be using my own name so do not think i need to go to CRO for company name - is this correct
    I am set up on revenue "my account" there is an option there called "Tax Registeration " and then Income tax - is this where i go to inform Revenue that i am now self imployed

    Thanks in advance

    clare


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    #2
    adrianw
    Registered Users Posts: 236 ✭✭adrianw


    You will need to complete a form TR1 to register with revenue as a sole trader in order to register for Income Tax, opposed to PAYE income tax.


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    #3
    Gard1
    Registered Users Posts: 90 ✭✭Gard1


    magic roundabou wrote: »
    evening
    I apologise if this has been covered before but just want to get everything straight in my head
    i was PAYE employed for last year but am now started as job from 4th of January where i am on contract as a book keeper and need to set up as a sole trader - i will just be using my own name so do not think i need to go to CRO for company name - is this correct
    I am set up on revenue "my account" there is an option there called "Tax Registeration " and then Income tax - is this where i go to inform Revenue that i am now self imployed

    Thanks in advance

    clare


    Good evening Clare

    Setting up is straightforward online registration is the easiest way
    Your accountant should be able to look after it for you. The only thing to watch out for is if you are only working for one company you would be classed as employed in revenues eyes. Any expenses claimed incorrectly will be written back and penalties could apply.


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