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Starting a business while in full time employment

  • 11-02-2017 12:04pm
    #1
    Bessiemae
    Registered Users, Registered Users 2 Posts: 15 ✭


    Hi,

    I am thinking of starting up a small sideline business while still working at my current job. The business is somewhat related to what I do now and my boss has given me his blessing so there is no problem there.

    My main question really is regarding taxation. I have no plans to leave my current job. I am just wondering where I stand regarding tax, if I register with revenue for this new business will it affect my PAYE entitlements in my current job. I don't foresee there being much profit in the business, at least not for a while, but I want to have done everything right from the start so that if the business does take off I will have no worries there.

    Any advice would be much appreciated.


Comments

  • #2
    jimmii
    Registered Users, Registered Users 2 Posts: 14,810 ✭✭✭✭jimmii


    It depends on the level of the profits. If it's just a couple of thousand you can file it as additional income using paye anytime if it's over ~€5k the you need to register for tax separately using a TR1. You'll be paying the same level of tax on the profits as you do on your regular income so if you're in the top level of tax payers you're paying half the profit to the tax man.


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