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Self employed and full time employed by a compnany

  • 06-01-2019 8:23pm
    #1
    spankmemunkey
    Registered Users, Registered Users 2 Posts: 2,099 ✭✭✭


    Hi All

    Can anyone tell me where i would go in Waterford to find this out? I know tax office but there's so many different places to go.

    I'm wondering is it possible to be VAT registered or have a company in your name and also be employed by an employer and do a 40 hour week!???

    This might fall under the sole trader category???


Comments

  • #2
    CPTM
    Registered Users, Registered Users 2 Posts: 1,382 ✭✭✭CPTM


    A lot of 40-hour week job contracts specify that you're not allowed to do that (be employed elsewhere). You might want to look into that.

    Aside from that though, you can create a limited company, employing yourself, and pay yourself as you wish while still receiving payment from your full time employer. The two companies would appear on your online revenue profile and you would need to assign your tax credits to which ever one as you see fit.

    I would discuss all of this with the accountant which will look after your own company's account.


  • #3
    kayaksurfbum
    Registered Users, Registered Users 2 Posts: 700 ✭✭✭kayaksurfbum


    Talk to an accountant.

    If you make two incomes your going to be taxed massively.


  • #4
    MartyMcFly84
    Registered Users, Registered Users 2 Posts: 1,326 ✭✭✭MartyMcFly84


    Best talk to an accountant specialising in tax or a tax advisor.

    It is certainly possible to be both self employed and on a PAYE contract. However as mentioned many PAYE based contracts often prohibit working somewhere else at the same time or even for a period after you leave depending on the role. So have a look into this.

    You will have your tax credits for the year which will need to be applied against your Schedule Case 1 (self employed) and Sch E income (PAYE employed).

    Businesses pay tax on profits. There may be opportunities to charge certain expenses to the business, which will lower the the profits of the company and reduce the amount of tax you would pay from the business.

    But best to talk to a tax advisor , or an accountant specialising in small business tax. There is also a Tax forum on boards which would provide better answers.


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