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Register as sole trader

  • 07-07-2019 10:22pm
    #1
    Squall Leonhart
    Closed Accounts Posts: 1,794 ✭✭✭


    I work a full time salaried PAYE role at present. Outside of this I have picked up occasional bits and pieces of work on the side, drawing from my day job experience (but not competing with my employer).

    This has only been a sporadic few hundred every few months. It is looking like perhaps I might be kicking up a gear with my side work.

    It still won't be much money (if I earned 5K a year I'd be amazed).

    Registering as a sole trader seems to be the best option. Do I need to hire an accountant, or is it manageable without one at low income? My concern would be between taxes and accountancy fees, it would be a waste of time for what I'd get out of it.

    All advice welcomed


Comments

  • #2
    Sleeper12
    Registered Users, Registered Users 2 Posts: 17,279 ✭✭✭✭Sleeper12


    Squall Leonhart wrote:
    It still won't be much money (if I earned 5K a year I'd be amazed).


    I'm pretty sure you can earn under 5k & file it as "extra" money with revenue online. This takes into account people selling at car boot sales on their day off or someone doing a nixer at the weekend. As far as I remember you don't need to file accounts for under 5k but obviously you need to declare it


  • #3
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,145 ✭✭✭relax carry on


    Squall Leonhart wrote: »
    I work a full time salaried PAYE role at present. Outside of this I have picked up occasional bits and pieces of work on the side, drawing from my day job experience (but not competing with my employer).

    This has only been a sporadic few hundred every few months. It is looking like perhaps I might be kicking up a gear with my side work.

    It still won't be much money (if I earned 5K a year I'd be amazed).

    Registering as a sole trader seems to be the best option. Do I need to hire an accountant, or is it manageable without one at low income? My concern would be between taxes and accountancy fees, it would be a waste of time for what I'd get out of it.

    All advice welcomed

    E Form 12 tax return each year by filing date of 31st October. No need to register as sole trader with Revenue so long as the taxable non PAYE income is under 5k.


  • #4
    Mayoman007
    Registered Users, Registered Users 2 Posts: 28 ✭Mayoman007


    Is there disadvantages to registered as sole trader beside your day job?


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