Advice

Firblog

Hi folks,

I'm in full time employment, PAYE, USC, PRSI, all paid in full by me/employer.

I've been approached to do some consultancy/project work by a third party, which is a one off, but if it goes well may lead to other similar projects in the future.

Would appreciate any advice on how to proceed with this, to reduce the amount of tax I have to pay to the revenue; tax avoidance I suppose, not tax evasion; I want everything to be above board.

I assume I register as self-employed?

Can I claim for new PC/Laptop? Claim for office furniture as I'm setting up an office in my house? Any other bits n pieces I can legally set against tax?

Or should I not go self employed? Is there a 'better' way of going about this?

Cheers for all advice

relax carry on

Firblog wrote: »

Hi folks,

I'm in full time employment, PAYE, USC, PRSI, all paid in full by me/employer.

I've been approached to do some consultancy/project work by a third party, which is a one off, but if it goes well may lead to other similar projects in the future.

Would appreciate any advice on how to proceed with this, to reduce the amount of tax I have to pay to the revenue; tax avoidance I suppose, not tax evasion; I want everything to be above board.

I assume I register as self-employed?

Can I claim for new PC/Laptop? Claim for office furniture as I'm setting up an office in my house? Any other bits n pieces I can legally set against tax?

Or should I not go self employed? Is there a 'better' way of going about this?

Cheers for all advice

What level of additional income do you think you will be bringing in per year. All expenses incurred wholly, exclusively and necessarily for the business can be deducted from your gross to arrive at your net taxable income. Seek professional advice before you start.

http://www.revenue.ie/en/additional-incomes/is-your-extra-income-taxable/index.aspx

http://www.revenue.ie/en/starting-a-business/claiming-a-deduction-for-expenses/index.aspx

Firblog

For the current project I've agreed a fee that is over the 5k threshold that was specified in one of your links. (Thanks for those)

I'd hope to perhaps get 1 or 2 similar jobs each year from now on if all goes well with this one, so again I'm assuming registering as self employed is best way to go?

If I do go that way and create a dedicated office in my house could I claim % of mortgage as expense? I assume in proportion of area of house it occupies?

Delphinium

A dedicated office may incur rates so be careful about claims mortgage relief.