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Doing work outside my regular work

  • 12-04-2021 5:02pm
    #1
    sashab
    Registered Users, Registered Users 2 Posts: 78 ✭✭


    So I work full time as IT Project Manager, but I got option to cover one company which is next to my house with some regular IT Support work, and since I'm working from home it's nice opportunity for extra cash.

    My question is can I start working with them and give them invoice from time to time when I do work for them? And how would this affect my current salary and everything? We talk only about around max €8-10k/year extra, nothing much. Thank you.


Comments

  • #2
    athlone573
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭athlone573


    https://www.revenue.ie/en/additional-incomes/is-your-extra-income-taxable/index.aspx

    look there for starters
    More or less half will go to the taxman


  • #3
    sashab
    Registered Users, Registered Users 2 Posts: 78 ✭✭sashab


    athlone573 wrote: »
    https://www.revenue.ie/en/additional-incomes/is-your-extra-income-taxable/index.aspx

    look there for starters
    More or less half will go to the taxman

    So I can start working with them normally from today and just give them invoice, and then at the end of year I just need to declare this income on my tax?


  • #4
    athlone573
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭athlone573


    sashab wrote: »
    So I can start working with them normally from today and just give them invoice, and then at the end of year I just need to declare this income on my tax?

    If its a small amount it may be easier getting them to pay you on payroll and they can sort out the Paye and Prsi.


  • #5
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    Whether it's a self-employment or employment depends on how the job fits the criteria. So that's the first stop. You do not automatically become self-employed and it's the company paying for the services that must see if they are treating the services correctly.

    If you are classed as self-employed then at the amount you mentioned €8-10k pa then that could (depending on your expenses) make you a chargeable person. In that case you file Form 11 through ROS.

    If you are classed as self-employed but do not come within the definition of chargeable person, then you could file via Form 12 on MyAccount. However, as the link to chargeable persons mentions, you need to have the likely tax coded in that it is collected via PAYE. Small liabilities can be dealt with by adjusting following year tax credits but larger amounts require a proper payment be set up.


  • #6
    endacl
    Registered Users, Registered Users 2 Posts: 22,412 ✭✭✭✭endacl


    athlone573 wrote: »
    If its a small amount it may be easier getting them to pay you on payroll and they can sort out the Paye and Prsi.

    May be easier, but you lose the opportunity to buy yourself loads of new toys that you obviously need to do the work.


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