Benefits for going self employed v staff on the books?

Facthunt

I’m in a full time role employed directly by my company. On my mind I have been thinking of leaving and going self employed. Is it an option worth looking at or am I better off staying employed directly! We ours love to understand and one who has recently went self employed and set their own company up. What would I need to do? Where would I even start?

callaway92

If looking for a mortgage etc - Don’t leave the full time job

Also - don’t forget you’d be losing out on the security of things like paid Sick Leave/Parental Leave/Annual Leave if you left it. Pension contributions will change too if they were matching your contribution

Benefits would be being able to claim for certain items etc that either your accountant/umbrella company would help with etc

You’d also lose any things like redundancy rights etc

I’d advise against the move personally

L1011

"Self employment" for a single employer will, inevitably, be considered to be spurious by Revenue in time. They're working their way through entire sectors where its common at higher incomes (IT, Broadcasting) and looking for all the lost tax/PRSI back with penalties.

Most of the "tax benefits" that recruiters try and tell you about for contract jobs are somewhere between questionable and outright fraud.

Widdensushi

What is the story with this and rte,a radio show I was listening to lately said rte biggest liability from tubridy scandal was contract workers who weren't really?

windowcills

If money is important to you then dont try it

I went self employed, worked in factories with vhi and pension before that

I am much much poorer, have no pension or vhi, have a 10 year old car and pay as you go phone plan, i dont have netflix or sky or a landline, dont go on nice holidays, dont have works mates to vent too when things go wrong, or to go out partying with

I just work the whole time

I actually love it

callaway92

https://www.boards.ie/discussion/comment/121285000#Comment_121285000

Uhm I'd have said the opposite. If it's purely monetary based, then self-employed is the way to go.

What you lose are benefits and protection.

Bicyclette

Take a look at the recent Amazon case (and other self-employment cases). Will you meet the criteria for being self-employed? Could you work for other companies including rivals? Who would dictate your hours?