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Employed / sole trader help

Toogood12 · 2018-02-03 21:50:49

Hi there, I am new here I am hoping you can all help me. I have a quick question with regards to tax. I am currently in a job where my salary is €33,500. I am employed but looking at opening as a sole trader on the side. I will be importing from China into Dublin, I will paying 3% duty on import and 23% import tax. My…

03-02-2018 09:50PM

#1

Toogood12

Registered Users, Registered Users 2 Posts: 2 ✭

Join Date: February 2018

Posts: 0

Hi there,

I am new here I am hoping you can all help me.

I have a quick question with regards to tax. I am currently in a job where my salary is €33,500. I am employed but looking at opening as a sole trader on the side.

I will be importing from China into Dublin, I will paying 3% duty on import and 23% import tax. My question is first of all how does sales tax work after that?

Do I pay 23% tax again on sales? Or 40% on profit because I'll be over 34,000 including my salary.

For example let's just say the unit is €7 after import and tax it's €10 for example, I sell for €25 do I have to pay 40% tax on the 15 euro profit after paying the 23% import tax as well?

Sorry if it's confusing..

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