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Self employed tax

  • 02-01-2019 8:59pm
    #1
    jocksie
    Registered Users, Registered Users 2 Posts: 58 ✭✭


    Hi folks I’m considering taking on some construction work on a self employed basis it’s a professional role,just wondering the best way to go regarding tax sole trader or a company?any advice appreciated


Comments

  • #2
    Stanford
    Registered Users, Registered Users 2 Posts: 1,194 ✭✭✭Stanford


    Its really not worth forming a Company if its just yourself because of the cost of audits/ CRO filing etc. assuming you don't otherwise have an income you can operate as a self employed contractor but must have all the necessary insurances etc. in place, get advice from a good Accountants to how to set up an accounts system which will cover Revenue's requirements


  • #3
    Steve
    Registered Users, Registered Users 2 Posts: 22,584 ✭✭✭✭Steve


    Sole trader to start was the advice I got.

    Contact your local enterprise office .

    https://www.localenterprise.ie/

    They frequently run cheap one day seminars on how to do this and how to file your own taxes. Really well worth the time to attend and get all questions answered. :)


  • #4
    Stanford
    Registered Users, Registered Users 2 Posts: 1,194 ✭✭✭Stanford


    Sole Trader = Self Employed but the suggestion of consulting your LEO office or attending one of their seminars is great, its still best to talk to a recommended accountant buddy to get the final details BEFORE you start to trade, good suggestion tho from Steve


  • #5
    jocksie
    Registered Users, Registered Users 2 Posts: 58 ✭✭jocksie


    I’ve been told thou the tax isn’t higher as a sole trader thou


  • #6
    Steve
    Registered Users, Registered Users 2 Posts: 22,584 ✭✭✭✭Steve


    I meant sole trader versus forming a LLC (LTD company) You will pay less tax as a sole trader, however your exposure as a contractor to being sued for a bad job is much greater... *INSURANCE*

    Seriously, get involved with LEO, it's practically free and the advice is great.


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  • #7
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    jocksie wrote: »
    I’ve been told thou the tax isn’t higher as a sole trader thou

    Told by whom? Accountant? Tax advisor? Random guy in the pub?

    I've seen far to many sole traders/small ltd companies end up in financial difficulties for not getting proper advice before they started anything. Do yourself a favour and get some good advice before you do anything. Also have read of the below regarding self employed versus employee. You or whomever you end up working for can't decide that you'll be self employed when you should be an employee.

    https://www.revenue.ie/en/self-assessment-and-self-employment/construction-industry/are-you-self-employed-or-an-employee.aspx


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