You are legally required to register for self-assessment and notify Revenue when your non-PAYE income (profit, not gross earnings) exceeds ā¬5,000 in a tax year. You should also register if you need to issue VAT invoices (once turnover exceeds ā¬40,000 for services or ā¬80,000 for goods), or if you employ any staff.
You can register voluntarily before reaching the threshold ā many people prefer to keep everything formal from day one. There's no disadvantage to registering early.
Most side hustlers start as sole traders. Here's when each makes sense:
Once registered, you must file a Form 11 self-assessment return annually by 31 October (or mid-November via ROS). You pay tax in arrears plus preliminary tax in advance. Keep records of all income and expenses for six years. Consider using simple accounting software ā Surf Accounts, FreeAgent, or even a structured spreadsheet.
No ā Revenue registration is free. If you want to trade under a business name, CRO registration costs ā¬20 online. An accountant to help you set up properly typically charges ā¬200āā¬500 for initial setup consultation ā tax-deductible.
No. Sole trader registration requires no legal involvement. You register directly with Revenue yourself.
A business name is just a trading name you register for your sole trader operation ā you're still personally liable for all debts. A limited company is a separate legal entity with limited liability ā your personal assets are protected (with some exceptions).
This is general guidance. Consult a qualified accountant for advice specific to your circumstances.
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