I'm a Public Sector PAYE worker.
I've read the key posts and looked through the Revenue website but am as confused as ever about whether or not I can/should set up as a sole trader.
I'm hoping to supplement PAYE income.
I have a few acres of land suitable for rearing fowl ~ pheasants specifically. The plan would be to start small operation and grow the business if the black out weighs the red.
I'd need to build pens, buy stock, equipment, feed etc. I have access to some specialist equipment - feeders, incubators and other bits and pieces.
I wouldn't have the turnover to justify setting up a company or registering for VAT.
Excuse my simple questions .... I have trawled and trawled looking for info but am new to the idea of setting up as a sole trader.
I've read the key posts and looked through the Revenue website but am as confused as ever about whether or not I can/should set up as a sole trader.
I'm hoping to supplement PAYE income.
I have a few acres of land suitable for rearing fowl ~ pheasants specifically. The plan would be to start small operation and grow the business if the black out weighs the red.
I'd need to build pens, buy stock, equipment, feed etc. I have access to some specialist equipment - feeders, incubators and other bits and pieces.
I wouldn't have the turnover to justify setting up a company or registering for VAT.
- Can I work my PAYE job and register as a sole trader at the same time?
- How does one impact on the other?
- My reading of key posts - as a sole trader I keep track of expenditure, income and do a balance in my returns and pay tax on my profits - is my simplistic analysis correct?
- If it costs more to set up than what I make can I offset against my day job?
- What are the general implications for me as an individual if I set up as a sole trader and do very little trade?
- Are there minimums required of me?
Excuse my simple questions .... I have trawled and trawled looking for info but am new to the idea of setting up as a sole trader.