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Sole trader or LTD

  • 07-05-2018 8:21am
    #1
    kufu
    Registered Users, Registered Users 2 Posts: 12 ✭


    hi all, thanks for reading my post.

    i received a job offer that i will have to take as a consultant for a US company.

    i don t know what will be the best option for me tax wise...open a LTD company or sole trader...

    i am not irish and i am quite lost...

    the company will pay me X per month after i send them an invoice...

    what would be the best option for me to make the most of my payroll?

    i did start to look on google but most of the time i find commercial services etc...

    Please feel free to share experiences comments etc...

    thanks to all of you


Comments

  • #2
    duploelabs
    Registered Users, Registered Users 2 Posts: 11,986 ✭✭✭✭duploelabs


    kufu wrote: »
    hi all, thanks for reading my post.

    i received a job offer that i will have to take as a consultant for a US company.

    i don t know what will be the best option for me tax wise...open a LTD company or sole trader...

    i am not irish and i am quite lost...

    the company will pay me X per month after i send them an invoice...

    what would be the best option for me to make the most of my payroll?

    i did start to look on google but most of the time i find commercial services etc...

    Please feel free to share experiences comments etc...

    thanks to all of you
    If you already own all the assets you need for business and don't need to borrow any more then definitely sole trader.


  • #3
    kufu
    Registered Users, Registered Users 2 Posts: 12 ✭kufu


    how much % a sole trader pays usually? is it as complicated to understand as being a regular employee in ireland? thanks for your reply


  • #4
    LGH466
    Registered Users, Registered Users 2 Posts: 3 ✭LGH466


    kufu wrote: »
    how much % a sole trader pays usually? is it as complicated to understand as being a regular employee in ireland? thanks for your reply

    Are you working as a regular employee as well?

    It’s pretty similar overall in terms of rates etc. You have less tax credits though amongst other differences.

    Let someone correct me if I’m wrong on reccomending this, but try

    .virtualaccountant.ie/Tools/tax2018.jsp
    (Can’t post direct links as new user)
    Change Tax Credits to €1500, click Self Employed, etc


  • #5
    Rulmeq
    Registered Users, Registered Users 2 Posts: 1,101 ✭✭✭Rulmeq


    Setting up a company costs money, unless you're certain that you need it you should just stick to sole trader.

    Cost to setup ltd company - at least €400+VAT
    Accountant to file annual returns for a micro company - at least €1500+VAT per year

    You could probably get an accountant to handle sole trader accounts for €400-500 (and you could actually do them yourself if you were confident enough)


  • #6
    kufu
    Registered Users, Registered Users 2 Posts: 12 ✭kufu


    Thanks to all...i ll go sole trader in that case...the company that hires me needs me to start as consultant until they launch their eu ops from dublin...then i ll become a regular employee...

    I used virtual accoutant there s no difference between taxes for being self employed and employed...figures are the same end of the month...


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