Second self generated income as PAYE worker

TerrorFirmer

Hi,

Just wonder how I go about setting up a situation where I am a PAYE worker, but I will be making money on the side on my own initiative? Up until now I've been buying and selling stuff as a hobby with little to no financial gain, but I've decided that I'd like to expand it a little in an attempt to generate an actual added revenue stream but also set up the whole thing properly.

How do I go about this, or what's the best way of going about it, when I'll be generating the income myself but am already a PAYE worker? There will be costs to me involved. I would say from my own estimations that I'd be looking at around 10K costs and a few K profit over the course of a year separate to my job income.

Thanks for your time.

scheister

TerrorFirmer wrote: »

Hi,

Just wonder how I go about setting up a situation where I am a PAYE worker, but I will be making money on the side on my own initiative? Up until now I've been buying and selling stuff as a hobby with little to no financial gain, but I've decided that I'd like to expand it a little in an attempt to generate an actual added revenue stream but also set up the whole thing properly.

How do I go about this, or what's the best way of going about it, when I'll be generating the income myself but am already a PAYE worker? There will be costs to me involved. I would say from my own estimations that I'd be looking at around 10K costs and a few K profit over the course of a year separate to my job income.

Thanks for your time.

The question is will the income (after costs capital allowances) be more or less then €3,174. If its less you can fill out a form 12. Otherwise you will fill out a form 11 which requires more information. Both are due on by the 31st October the year following the income. So any profit made in 2016. the form and payment has to be made by 31st October 2017

Either ways its been taxed as a sole traders so all profits are taxable not just what you pay yourself from the hobby.

TerrorFirmer

Hi Scheister, thanks for the information and for taking the time. Now that I've decided to pursue this I suppose I'll just have to make meticulous records going forward. Until now because I've only considered it a hobby and messing around and the money involved's been small, I've no idea of the ins and outs.

exaisle

You could probably do worse than seek the advice of a competent accountant, just to put you on the right track starting out.