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Contracting: Difference between revisions
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<li>I want to get into contracting. What type of company do I need to set up?</li> | <li>I want to get into contracting. What type of company do I need to set up?</li> | ||
<li>What do I do about tax?</li> | <li>What do I do about tax?</li> | ||
<li>Useful links</li> | |||
</ol> | </ol> | ||
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<li>More money then an employee doing the same job as a PAYE worker.</li> | <li>More money then an employee doing the same job as a PAYE worker.</li> | ||
<li>Flexibility to change jobs quickly.</li> | <li>Flexibility to change jobs quickly.</li> | ||
<li>The self employed fall into tax bracket 'S'. This means you pay 5% PRSI as opposed to about 13%.</li> | |||
<li>Ability to expense your..er...expenses.</li> | |||
<li>Ability to move between different types of work, and constantly learn new things..</li> | <li>Ability to move between different types of work, and constantly learn new things..</li> | ||
</ul> | </ul> | ||
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<li>Necessary to form a limited company. This can be done by a company formation service (Costs around €350), or | <li>Necessary to form a limited company. This can be done by a company formation service (Costs around €350), or | ||
by yourself. Check [www.cro.ie]</li> | by yourself. Check [www.cro.ie]</li> | ||
<li>Limited companies have to stay in operation for at least 5 years. Even if you finish working for the company it still exists in | |||
it's own right, and you need to provide end of year accounts to the Revenue</li> | |||
</ul> | </ul> | ||
</p> | </p> | ||
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== What do I do about tax? == | == What do I do about tax? == | ||
<p> | <p> | ||
Options: | |||
<ul> | |||
<li>Work out your own tax.</li> | |||
<li>Get an accountant to do an end-of-year accounts, tell you how much tax you owe</li> | |||
<li>Get an accountant to do your monthly returns and end of year accounts.</li> | |||
</ul> | |||
</p> | |||
<p> | <p> | ||
Whichever option or combination of options you choose, send your tax to the revenue. You can use the revenue online site, | |||
or send it through the post. | |||
</p> | |||
== Useful links == | |||
Business Access to State Information and Services - [http://www.basis.ie basis.ie basis.ie] | |||
Revenue Online service [http://www.ros.ie ros.ie ros.ie] | |||