How to be tax smart with Side hustle

AgnesCalhoun1

Hi,

Myself and my partner have a side hustle ongoing since last Oct which nets on average 70 a week through online art sales that we design, print and frame. How can we be more tax smart? Is there any online guide of how and where we can save?

We both have PAYE jobs where I work from home and my partner travels to work.

B.A._Baracus

By 70 you mean just 70 euro right?

witnessmenow

AgnesCalhoun1 wrote: »

Hi,

Myself and my partner have a side hustle ongoing since last Oct which nets on average 70 a week through online art sales that we design, print and frame. How can we be more tax smart? Is there any online guide of how and where we can save?

We both have PAYE jobs where I work from home and my partner travels to work.

I'm not sure but could it qualify as income tax exempt if its sale of art?

https://www.citizensinformation.ie/en/money_and_tax/tax/income_tax/artists_exemption_from_income_tax.html

I think it would only apply if each design is unique though (couldn't be prints)

andy t

Just register the business & do the returns ,,,

you will obviously have expense so log everything & you will have a better idea of where you stand

Gloomtastic!

If you want to be tax smart then look at how putting money into a pension can be mitigated against tax.

JohnRock

Make sure you're claiming all of your business expenses

https://accountantpages.ie/allowable-expenses-for-the-self-employed-in-ireland/