Part time business

Hi all,

My first post so hi to everyone.

I am currently working in a full time job. Sales based so I have a relatively low salary but good commission so I can't complain at all. I'm actually very happy with it. I also fix computers and do some IT work in my spare time as well. It's something I've always done but very little really.

Recently I've gotten a little busier with it, jobs have gradually been getting bigger in size. I've also found myself having to buy more and more parts etc. as well as that I've been approached by a small chain of shops to manage their IT. So all in all it's turning into a nice handy earner for me.

What is the best option for me to manage this all? The original few bob here and there was fine before but I know it needs to be managed properly now. What would the tax implications be for me to set up as a company or is this even possible when I'm a PAYE employee already?

Please excuse my complete ignorance on the subject as I'm just looking into everything now.

Thanks in advance guys

You don't have to set up as a company if you don't want to, you can just register as a sole trader and make a return each year to Revenue. There is no problem doing this while being an employee also.

I'm no expert on it but there are revenue guides to self employment online and if you wanted to or had the time the local Enterprise boards usually run very good Start your own Business courses which are usually quite cheap and you get some great info.

Alternatively you could just meet with an Accountant who specialises in start up businesses, pay for an hour or so of their time and get the relevant info. Some offer first appointment free if they feel there may be future business in doing your accounts for you. I am a great believer though in asking more than one, no harm in having more than one point of view to make sure you are going the right direction.

Taxes

That is great news that the work and income is increasing !!!!!

however the downside, yes, you must register for taxes. You do not necessarily need a Company and registration as a sole trader may be the easiest option.

We have may clients in the same situation and business does seem to be picking up.

If you need any free advice, it is no problem to send me a message.

Regards

Ciaran