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Full time employee registering as a sole trader taxation query

  • 16-05-2016 9:40pm
    #1
    adagio
    Registered Users, Registered Users 2 Posts: 172 ✭✭


    Hey guys,

    Any help on the below is appreciated.

    I'm a full time employee that is in the process of setting up a business as a sole trader. The goal is to try to start up the business and eventually transfer over to self employment.

    The concern I have is how my registering as a sole trader may affect my current tax rate (or other implications I am unaware of) as a full time employee.

    I tried contacting Revenue but with no success. The next step is to visit them and chat in person.

    Cheers for reading and all advice is appreciated.


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    adagio wrote: »
    Hey guys,

    Any help on the below is appreciated.

    I'm a full time employee that is in the process of setting up a business as a sole trader. The goal is to try to start up the business and eventually transfer over to self employment.

    The concern I have is how my registering as a sole trader may affect my current tax rate (or other implications I am unaware of) as a full time employee.

    I tried contacting Revenue but with no success. The next step is to visit them and chat in person.

    Cheers for reading and all advice is appreciated.

    Its all going to depend on the level of income from both sources. If you are liable to tax at higher rates in your employment, then all of your Sole Traders income will be taxable at 40%. If you are not exceeding your rate bands in work, then you may find that some or all of the Sole Trader income is liable at 20% (or partially at both rates)


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