Getting set up as a sole trader?

Danye

Hi all,

I want to set myself up as a sole trader to do something away from my main occupation.

How do I do this? Is there any where I can go for advice and see what supports may be available?

Thanks.

Gloomtastic!

No supports I'm afraid. You are on your own.

Here's what you need to do

https://www.citizensinformation.ie/en/employment/types-of-employment/self-employment/becoming-self-employed/#02d230

I would recommend you register a trading name with the CRO (details in link above). That way your clients can pay you or your trading name. It's more professional.

You will probably need an accountant to file your first end-of-year tax return. If you are in any way savy you can do it yourself from the second year.

OGBuster

You can go to the Local Enterprise Office for assistance.

https://www.localenterprise.ie/Find-Your-Local-Enterprise-Office/

mjcaccountants

Accountant here,

Happy to have a call etc if needed

DM me if you like

Danye

Thanks all.

I’ve contacted my LEO.

Disappointing that there are no supports available.

Is sole trader the correct decision? The role is essentially me working in a specific role on the weekends until I can build it up.

Gloomtastic!

https://www.boards.ie/discussion/comment/122870455#Comment_122870455

If the business fails, what’s the worst that can happen? That’s the decision you have to make whether to a sole trader or Ltd company.

Ltd companies limit your personal exposure to any debts the business may have. Sole trader is liable for all company debts. You can mitigate the exposure with insurance but that’s the essence of it.

Mrs OBumble

Sole trader - doing what exactly?

There are vastly different risks in different types of businesses.

Avatar in the Post

key may be if insurance if a sole trader. Roughly what does the trade entail?

Danye

Sorry all -

The new job will be construction based. I’ve looked into it a little bit further and I believe Sole Trader is the way to go. Unless anyone thinks differently?

Would anyone know how my tax would work? I pay PAYE etc with my full time job. The purpose of the second job, as a sole trader, is to supplement my income. If I’m going to be hit with paying a lot of tax, it may not be worth it.

Mrs OBumble

You absolutely need professional and public liability insurance then.

Overall tax due is the same as if you warned the sole trading profit (I'd revenue less expenses) as a higher wage in the day job.

So tax will be roughly 50% on income over 44k.

callaway92

https://www.boards.ie/discussion/comment/122870455#Comment_122870455

What supports do you want? There are a load of supports in terms of grants towards websites etc for Sole Traders but if you thought they were just gonna give money out for free (I assume you didn’t) it would be very naive

Danye

https://www.boards.ie/discussion/comment/122919448#Comment_122919448

Yeah I thought they’d give me money out for free.

(If only it was that easy 😂)

callaway92

https://www.boards.ie/discussion/comment/122927358#Comment_122927358

What are you looking for so? There’s loads of support. Contact your LEO