starting up as sole trader

magic roundabou

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

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.

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.