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Starting a parttime business when still earning paye

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  • 24-10-2020 5:10pm
    #1
    Bmw123d
    Registered Users Posts: 352 ✭✭


    Is the above possible or what would be the best way to approach this. So basically I’m in a paye job. And due to finish in about a year. So at the min I’m looking to start a business be it either part time or full time or what ever way I can do it. And also if some one could tell me what way tax would work. I’ve being thinking about it awhile but no f all in that regard or what way to go about it.
    Any advice would be great thank you


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    #2
    marizpan
    Registered Users Posts: 443 ✭✭marizpan


    It is possible.

    I recommend you speak with an accountant.
    Better to receive good advice from the start then have to engage an accountant later on just to fix a (probably expensive) mess.


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    #3
    cheops
    Registered Users Posts: 14 ✭cheops


    I've done it. If its part-time or building up, start as a sole trader, dont worry about tax for a while, but do set up a separate bank account and keep track of your start up costs. Put 20% of your profits aside for tax if you are very concerned but generally your start-up costs in the first two years will reduce your overall tax liability.

    Get your business up and running concentrate on sales or clients.....everything else will follow

    Good luck:)

    I have found that accountants are generally useless for small businesses.


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    #4
    brynne
    Registered Users Posts: 84 ✭✭brynne


    There's no problem at all, starting a business and paying PAYE. I've done it. Presently, you tax is paid to the Revenue by your employer. Once you start earning income from your own business, you'll need to complete a tax return and link your records on ROS. So, yes, you would do well to consult an accountant as - apart from anything else - there will be set up expenditure and capital allowances that can be set against your overall tax liability.


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    #5
    Mrs OBumble
    Registered Users Posts: 25,676 ✭✭✭✭Mrs OBumble


    What industry are you in, OP. Advice for an affiliate marketer, for example, would be wayyy different to that to a mechanic.


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    #6
    Axwell
    Moderators, Business & Finance Moderators, Computer Games Moderators Posts: 10,461 Mod ✭✭✭✭Axwell


    First off have you any contractual issues which stop you from doing this - depending on the business you plan to setup is it a conflict of interest to your current job or in your contract you cant compete etc?

    If not then yes it is possible - you will submit an additional tax return form declaring the additional earnings and based on your tax allowance and what tax you pay on your current paye earnings you will most likely end up paying the higher tax rate on the additional income.

    If you are serious about starting a business then look into a start your own business course from your local enterprise office, they will give you advice on setting up and the tax side of things.


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    #7
    pinkypinky
    Moderators, Society & Culture Moderators Posts: 6,616 Mod ✭✭✭✭pinkypinky


    You can declare up to €5000 profit on your Revenue account without registering a sole trader.

    Highly recommend the LEO courses - I did one years ago which stood me very well.

    Genealogy Forum Mod



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    #8
    JMR
    Registered Users Posts: 633 ✭✭✭JMR


    cheops wrote: »
    I have found that accountants are generally useless for small businesses.

    Please do not take this advice long term.
    A good accountant, that you trust can save you multiples of their fee and ensure you are able to concentrate on growing your business in the knowledge that your affairs are compliant.


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