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Sole Trader registration

  • 18-11-2019 9:38pm
    #1
    daniel9
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi,
    I have few question regarding sole trader, how much does it cost to become one? How is it with PRSI and USC? Do i pay them even if i made 0? How much? Anything i should know before becoming one? Sorry for so basic questions but i am complete newbie when it comes about law

    Thanks
    Tagged:


Comments

  • #2
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    The minimum for a full year class S stamp is 500 or 4 percent of income approx.
    USC due on all income but only if you earn more than 13000 or so.
    Registering is easy but think it through. You are almost a second class citizen as self employed.
    Banks will want 2 years accounts to borrow money compared to employed people needing only a few pay slips.
    Welfare backup is minimal, no sick pay. No minimum wage etc. Smaller tax credit than paye although that is creeping up now.
    There are ways to be an employee as opposed to self employed by operating under companies set up specifically for that purpose and it would arguably be a good way to go if starting but others may have an opinion on that.


  • #3
    daniel9
    Registered Users, Registered Users 2 Posts: 2 ✭daniel9


    mickdw wrote: »
    The minimum for a full year class S stamp is 500 or 4 percent of income approx.
    USC due on all income but only if you earn more than 13000 or so.
    Registering is easy but think it through. You are almost a second class citizen as self employed.
    Banks will want 2 years accounts to borrow money compared to employed people needing only a few pay slips.
    Welfare backup is minimal, no sick pay. No minimum wage etc. Smaller tax credit than paye although that is creeping up now.
    There are ways to be an employee as opposed to self employed by operating under companies set up specifically for that purpose and it would arguably be a good way to go if starting but others may have an opinion on that.
    What would be best for e-commerce that would also allow to take students for work experience? (i have some that wants but their university requires it to be registered business)

    /EDDIT
    I did some further research and it seems that you do not pay PRSI if you make less than 5000 a year is this true? In such cases if something goes bad at least I'll have easier and if I earn more than paying that is no problem.


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