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starting a craft business

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  • 27-04-2017 9:48am
    #1
    rossit
    Registered Users Posts: 1,126 ✭✭✭


    hi all not sure if im in the right place but has anyone got any idea of how much i can earn before i have to pay tax. ive started doing a bit more and was just wondering what the story was. Thanks for all your help


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    #2
    Greaney
    Registered Users Posts: 1,247 ✭✭✭Greaney


    Well, you have to do a tax returns even if you only earn 1c! It's not really a quick and hard answer... It depends on if you have children etc.
    http://www.citizensinformation.ie/en/money_and_tax/tax/income_tax/taxation_of_self_employed_people.html

    You're tax credits are not much more than a grand and a half a year.

    If you want an opinion...

    Perhaps you're doing it as a hobby for a few months, as a learning experience.:rolleyes: Now really really factor in every single cost, craft fairs, hosting website fees, bank charges on your account, petrol to go to said fairs, materials, cost your time mindful that @9.25 euro per hour is minimum wage.

    This might give you a picture on where to start. Regarding Tax for the self employed, you start with PRSI etc. even if you're earning nothing.

    It's not very helpful I know, a simple question but a complicated answer.


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    #3
    B00!
    Closed Accounts Posts: 9,559 ✭✭✭B00!


    namenotavailabl has a tax calculator listed on his signature line, it might help you calculate taxes on earnings


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