Side hustle query

W

Windowsky

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Hi everyone.

I am all new to this so I am looking for advice. I work in the public sector but also have a ‘side hustle.’ It generally doesn’t earn me a lot of money- earned me 4K last year which I declared with Revenue form 12.

So far this year I have taken on an unexpected project which will earn me just over 6k. I am worried about how I can declare this with revenue at the end of the year, as my understanding is that only up to 5k can be registered using form 12. I don’t want to go down the route of setting up a business as such - purely due to hassle. Is this my only option? Thanks all!
 
A miracle…someone with a side hustle who’s tax compliant! I’d chance my arm and use a Form 12. Worst case you’re compelled to resubmit a Form 11 which isn’t overly onerous. It just means registering via ROS rather than MyAccount.
 
Thank you so much for your reply. If I try to enter it on form 12, will it physically let me enter 6k as 5k is the limit?
 
My understanding - Once your net taxable income is under 5K and you are on PAYE you can use form 12/My Account.
You need to bring the profit from your side hustle to under 5K - legitimately spend some of it for items/services solely required for your "business". Think outside the box (PC/printer because I need to print labels, stationary, training, software, postage etc.). Keep record/receipts (important!).
 
bravo said:
You need to bring the profit from your side hustle to under 5K - legitimately spend some of it for items/services solely required for your "business".
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Complete overkill IMHO.

And buying a printer mightn't even work in reducing taxable profit. Especially if it costs a grand.

Windowsky said:
If I try to enter it on form 12, will it physically let me enter 6k as 5k is the limit?
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I can't imagine not.

A tax return program that would block the user from entering the actual amount of an earnings figure would be an immensely dangerous invention.
 
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Register yourself on ROS.
Fill in the online form 11.
It's not that difficult. It's a good learning experience and if you have any questions about filling in the form you can ask for assistance on askaboutmoney.
The form 11 is a very good tax calculation tool and might be useful to you in the future if you are making AVCs.
 
Hi all,

I would really appreciate some advice. I have a full-time job in the public service but also undertake some other work in another sector sporadically. They generally pay me directly and I then declare it with my end of year taxes online. However, I now want to start a company to formalise some of the work somehow in the hope of improving my CV. I did contact my Local Enterprise Office but they didn't reply to me. My question is... how exactly do I do this? Is it a LTD company I start as opposed to another type? I would greatly appreciate any help and I am aware of how stupid I sound
 
A limited company isn’t really necessary in the early days of a business unless you employ staff or have a huge turnover. Otherwise, you can operate as a sole trader and declare your income to Revenue as appropriate.

If you have a business name, you must register this with the CRO but you can do this as a sole trader.

Depending on your additional income from this source, you would have to register for VAT. I think the max amount you can earn without charging for VAT is around 35,000.

The local enterprise office isn’t designed to assist people in your position. It’s more for people looking to set up or grow businesses as their primary occupation.
 
Windowsky said:
However, I now want to start a company to formalise some of the work somehow in the hope of improving my CV.
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This seems a very flimsy reason to start and run a company, especially for a pursuit that you describe as a "side hustle".

It is a very bad idea to form a company without compelling reason and in the absence of quality professional advice.
 
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