I have already followed your good advice there.
Not anymore pal. I do less and less work on the side. One project last year; one this year, and the plan is for none next year. I wouldn’t turn down any work before, which had me working all hours of the day and night, but I’ve pulled back a lot the last few years.
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It certainly is a lot more effort to go as a sole trader and even more to go as a company. However, potentially the money and the extra freedom is worth it.
There are also plenty of things you can do to mitigate some of the items you mention above.
I would always recommend getting someone sound to prepare an excel sheet, complete with relevant formulae, and include your income as you earn it and calculate the tax on a month-by-month basis (as you would under PAYE). And then at least you would know how much you need to set aside.
You could even pay it over to Revenue as you earn it if you really wanted, rather than waiting for a big lump sum 22 months later. It’s a bit of a hassle but if it’s filling one number into a box once a month… it’s probably worth it if the earnings are better.
VAT is the big one that people get caught with and Revenue are more likely to fuck you on that because it’s an easy win for them if you don’t do it properly. I’m seeing people getting caught on VAT more and more, it’s a big focus area for Revenue. It’s one area I would definitely get proper advice on for at least the first return to make sure you are doing everything properly.
As for the whole company vs sole trade thing; that really depends on how much you are spending as an individual. If you’re spending all the money you earn, it’s probably best to go sole trade. The benefits of the 12.5% company rate are only worth it if you’re not pulling out a massive salary.
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Presumably you can’t do the side stuff for cash? Feel free not to answer.
Cash business is king
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Nope. I’d say the only time I ever got a bit of cash was doing a small bit of DJing years and years ago.
Say what you like about glas but at least he doesn’t expect to get his bush waxed for free
Anyone got an subscription to post this article ?..
How ironic is that?
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Spend the best years of your life and childrens youth living like a tight cunt
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That was my thought too. Sounds like an absolutely miserable existence.
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Dad, can we go to zoo?
No, not this weekend. We’ll go when I’m 50.
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Seem to be eating a lot of shit food too…
Absolutely. Life is for living.
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Tomorrow is not guaranteed.
Isn’t it only an 8/13 chance you’ll make it to 65 anyway?
It’s a twisted fucking Cunt who looks forward to the rainy day
His gut health must be on the floor.
They sold out the Indo in Cavan today
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I remember reading about a couple year ago who paid off their massive mortgage by doing similar.
I think they they were UK based but wanted to be mortgage free at say 30 year old.
So lived every day on baked beans and water. A treat was toast. No night out, no holiday, no nothing. What an existence.