N
never2late
Guest
First question - I am working as a PAYE employee and am also in the process of setting up as a Sole Trader but I don't expect to make any profit for the first year or two as it will be a part time venture. I read in the Revenue Guide - Starting in Business, page 13 that if your business makes a loss, it can be set off against other taxable income or carried forward to offset against future business profits. I am interpreting that to mean that I can use it to reduce my tax liability in my PAYE job (other taxable income). Is this correct or have I get the wrong end of the stick here?
Second question - I am paying PRSI in my day job. Will I also have to pay PRSI in my business as a Sole Trader?
Second question - I am paying PRSI in my day job. Will I also have to pay PRSI in my business as a Sole Trader?