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Tax as a part time Sole Trader

  • 23-07-2019 9:28am
    #1
    Monkey2019
    Registered Users, Registered Users 2 Posts: 81 ✭✭


    Hi all,

    I haven't a clue about taxes etc so looking for some advice, or even directions to where I would find information.

    I am currently employed full time as a civil servant. I am planning on going down to a 3 day week shortly and will be running baby massage classes the other 2 days a week.

    I know I will have to register as a sole trader and am planning on going to m local enterprise board for information on this.

    How will my taxes work? Or what do I need to do for this?

    Looking at figures I would roughly be making an extra 100/200 a week from the classes once room hire and other costs are taken into account.

    What is the max you can earn before tax kicks in?

    That figure is not a definite and would not be a permanent earning as the amount of people attending would fluctuate.


Comments

  • #2
    spurious
    Moderators, Category Moderators, Education Moderators Posts: 27,315 CMod ✭✭✭✭spurious


    Tax will have to be paid on the total of your income, so it depends on how much your main income is as to what rate of tax you will be paying on the 'business'. It all works a year behind.

    I am in the same boat, having started letting a spare room on AirBnB last year. I strongly suggest seeing an accountant to put you straight. I'm going to one on Thursday for help with my 2018 taxes. I might even be able to claim back the costs of the accountant, I don't know, but I will be much more confident doing it myself in later years if I get it done correctly first time.


  • #3
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,289 ✭✭✭✭Mrs OBumble


    spurious wrote: »
    Tax will have to be paid on the total of your income, so it depends on how much your main income is as to what rate of tax you will be paying on the 'business'. It all works a year behind.

    Nope and nope.

    Tax will have to be paid on the sum of:
    1) your Employee income and
    2) Your self-employment PROFIT (ie revenue less allowable expenses, eg venue rental, materials, public liability insurance).

    Year one tax is year behind. But in year two, you need to pay preliminary tax as well.



    The advice to see an accountant with good small business knowledge is good though.


  • #4
    ThumbTaxed
    Registered Users, Registered Users 2 Posts: 377 ✭✭ThumbTaxed


    Calahonda52 wrote: »
    as above plus
    losses on the self employed side are ring fenced, not transferable across to PAYE
    .
    Garda Vetting?

    Ah, not true... S.381 tca 1997


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