Self employed & PAYE at same time

D

Diego99

Guest
I am currently full time PAYE on higher tax bracket but also occassionally get asked to do some web development work for friends etc. I want to keep my job but if I register as a sole trader in order to invoice the work I do, will this affect the amount of tax credits I am entitled to as an employee. In other words will I still be entitled to the PAYE tax credit? Will I still pay PRSI on my regular job at class A?

Sorry, I have trawled revenue.ie but cannot find the answers.
 
You will be still entitled to your PAYE credit against your PAYE income but if there is any portion of it unused at the end of the year it cannot be used against sole trader income. You will continue to pay your current rate of PRSI with PAYE employment but will just pay basic levy on Sole Tradr income: minimum is about 256.00 (not sure of exact figure) . E.G you only earn 500.00 in sole trader income you will still have to pay 256.00 approx in levies.
 
Cheers Advisor.

That's a great help. Muchos Grazias.