Hi.
MODS: If you think this post belongs in a different forum, please do what you gotta do.
I'm currently on a casual work scheme, where I submit weekly slips to my local social welfare office, stating whether or not I've worked in the week.
I've recently been getting some work, paying tax & PRSI, and thankfully it seems this work will be picking up in the new year, to the point where it will practically become full-time.
I also have a hobby that has to this point provided me with what I'd barely class as pocket money: currently €100 - €200 a month. Before anyone starts crying "Social Welfare Fraud!" (I'm sure there are those who would, even over €25-€50 a week), please read on.
There are 4 other people involved in this hobby, and we've recently decided to take it more seriously and earn more money from it (though it's extremely unlikely to ever become a dependable, predictable income source), so have taken steps to register with the CRO (with all 4 of us as equal company directors, with equal shares of operational costs, and equal shares of returns/profits), get VAT registered, and open a business bank account.
We need to be a registered business, as where we were taking cash up to this point, we'll soon be in a position where more frequently we can only be paid by business cheque.
All hunky-dory, but my understanding of the tax implications for us as a business, and for me as an individual, is minimal. One of the guys is a pretty canny businessman already, so maybe it's not an issue if I don't understand it all, though I'd still like to.
If it got to the point where I was netting more like €1000+ a month, what would the implications be for me?
What factors do I need to be aware of before I commit fully to this course of action? For example, can I remain on the casual work scheme with the social welfare if I have more than one employer?
Can anyone point me to where I can get more info on this stuff?
Thanks for any replies,
Mark
MODS: If you think this post belongs in a different forum, please do what you gotta do.
I'm currently on a casual work scheme, where I submit weekly slips to my local social welfare office, stating whether or not I've worked in the week.
I've recently been getting some work, paying tax & PRSI, and thankfully it seems this work will be picking up in the new year, to the point where it will practically become full-time.
I also have a hobby that has to this point provided me with what I'd barely class as pocket money: currently €100 - €200 a month. Before anyone starts crying "Social Welfare Fraud!" (I'm sure there are those who would, even over €25-€50 a week), please read on.
There are 4 other people involved in this hobby, and we've recently decided to take it more seriously and earn more money from it (though it's extremely unlikely to ever become a dependable, predictable income source), so have taken steps to register with the CRO (with all 4 of us as equal company directors, with equal shares of operational costs, and equal shares of returns/profits), get VAT registered, and open a business bank account.
We need to be a registered business, as where we were taking cash up to this point, we'll soon be in a position where more frequently we can only be paid by business cheque.
All hunky-dory, but my understanding of the tax implications for us as a business, and for me as an individual, is minimal. One of the guys is a pretty canny businessman already, so maybe it's not an issue if I don't understand it all, though I'd still like to.
If it got to the point where I was netting more like €1000+ a month, what would the implications be for me?
What factors do I need to be aware of before I commit fully to this course of action? For example, can I remain on the casual work scheme with the social welfare if I have more than one employer?
Can anyone point me to where I can get more info on this stuff?
Thanks for any replies,
Mark
