Being a sole trader and employee at the same time

pontovic · 15-12-2008 11:24AM #1

Hello

Quick question. If I'm registered as a sole trader can I work for another company full time at the same time and do my bit on the side ?

TheWaterboy · 15-12-2008 11:44AM

Hi pontovic

Yes there is no problem working full time and as a sole trader - your employer need never know. At year end your sole trader income is added to yor employer income less your expenses and you pay tax on that.

pontovic · 15-12-2008 11:50AM

Thanks

sarahmurphy00 · 03-11-2011 02:34PM

Hi, Im an employe and just started as a sole trader. My income from the trade will be very small.
Do i still have to pay Prsi and health levy? Does the income get addeed to my income from employment in order to calculate prsi and health levy?
Thanks

ssbob · 03-11-2011 02:51PM

sarahmurphy00 wrote: »

Hi, Im an employe and just started as a sole trader. My income from the trade will be very small.
Do i still have to pay Prsi and health levy? Does the income get addeed to my income from employment in order to calculate prsi and health levy?
Thanks

Hi Sarah,

Your employer will take care of your taxes in your day job however you will have to account for them in your sole trader job, if you only started recently, you will not have to make a tax return until 31/10/2012, however your total tax, usc and prsi is calculated on your total earnings less profits.

bigneacy · 04-11-2011 11:31AM

Question - I am a full time paid employee and I have just started another company.

1. Do I need to declare this to my employer?
2. Will they see on my tax that I have a directorship in another company?
3. If so, Will they be able to see what the other company is called or what industry the other company is in?

nompere · 04-11-2011 11:54AM

bigneacy wrote: »

Question - I am a full time paid employee and I have just started another company.

1. Do I need to declare this to my employer?
2. Will they see on my tax that I have a directorship in another company?
3. If so, Will they be able to see what the other company is called or what industry the other company is in?

Answer:

1) No, unless you have an agreement with him not to work elsewhere. That's a moral/legal question though, not a tax question.
2) No.
3) No.

sarahmurphy00 · 10-11-2011 11:24AM

Thanks ssbob,
I got a call from the revenue, because my income will be so small there is no need to register as a sole trader for the moment, i wil fill out form 12 instead, so my tax will be offset against my credits from employment.
I have two further questions:
1. Is the €3,174 limit income or profit? I presume it's profit....
2. Do I still have to pay 3% prsi and 4% levy on my small income, because im on the higher tax band in my employment?
Thanks!!
Sarah

ssbob · 10-11-2011 12:01PM

sarahmurphy00 wrote: »

Thanks ssbob,
I got a call from the revenue, because my income will be so small there is no need to register as a sole trader for the moment, i wil fill out form 12 instead, so my tax will be offset against my credits from employment.
I have two further questions:
1. Is the €3,174 limit income or profit? I presume it's profit....
2. Do I still have to pay 3% prsi and 4% levy on my small income, because im on the higher tax band in my employment?
Thanks!!
Sarah

Hi Sarah,

The €3,174 limit is on income or sales, you probably will not hit that this year but next year you will guaranteed.

In answer to your second question your income tax, prsi and levies are based on your total PAYE income plus your self employeed taxable profits.

I hope this helps.

ssbob

sarahmurphy00 · 10-11-2011 01:19PM

Thanks again!!!
The very last thing if you don't mind, are the prsi and health levy based on the profit? And are they 3% and 4%?
thank you
Sarah

lucy2010 · 15-11-2011 05:18PM

Im a sole trader. I set up June 2011 under the BTWEA scheme. I have not been changed over by welfare & im still on OPF payment on their system. Today I was offered a full time position with a company.I have not taken any salary from my own business so does anyone know how this would work ?

Thanks

ssbob · 16-11-2011 08:48AM

lucy2010 wrote: »

Im a sole trader. I set up June 2011 under the BTWEA scheme. I have not been changed over by welfare & im still on OPF payment on their system. Today I was offered a full time position with a company.I have not taken any salary from my own business so does anyone know how this would work ?

Thanks

Are you going to continue as a sole trader?

Being a sole trader and employee at the same time

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