Sole Trader

If you are a sole trader all business decisions are made by you. You will not have any partners in your business, but you may have employees. You are responsible for keeping records of your business.

 

To set up a business as a sole trader you must register as a self employed person with Revenue if your net income is above €5,000. You will have to pay Income Tax, Pay Related Social Insurance (PRSI) and Universal Social Charge (USC) on your net business profits.

 

You will also have to pay any employee Pay As You Earn (PAYE), employer PRSI, Value Added Tax (VAT) and Relevant Contracts Tax (RCT) due.

 

Use Revenue Online Service (ROS) to submit your annual tax return, which is called a Form 11. Any salaries that you pay to employees are paid through the PAYE system.

 

As a sole trader your tax matters will always be dealt with under your Personal Public Service Number (PPSN).