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Sole trader vs Limited company ques

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  • 31-08-2004 11:29pm
    #1
    RicardoSmith
    Closed Accounts Posts: 8,264 ✭✭✭


    Someone told me you can Claim a wider variety of business expenses as a sole trader than you can as a limited company. Is that correct?


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    #2
    Victor
    Registered Users Posts: 78,423 ✭✭✭✭Victor


    I imagine it's down to individual circumstances. A company is a separate legal person and therefore anything it buys, it owns, whereas an individual can to a degree fudge things.

    Borrowings (to buy shares) might be taxed differently - if hte company is listed, you can't write off the interest.

    One thing to watch out for is the different taxes paid. A company will need to pay Corporation Tax, Dividend witholding Tax and PRSI (and CGT), whereas a sole trader will only pay low rate PRSI.

    VAT registration will make a difference (sole trader and company can register).


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    #3
    dwayneburke
    Registered Users Posts: 731 ✭✭✭dwayneburke


    hi

    I want to setup a limited company....where do i start? I heard there is a website that will sort out most of the work for you...anyone know it?

    If not where do i start from there

    Tks

    Dwayne


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    #4
    Maximilian
    Legal Moderators, Society & Culture Moderators Posts: 5,400 Mod ✭✭✭✭Maximilian


    There's plenty - see the golden pages even under "company formations"

    I use the Law Society service - its pretty good. www.lawsociety.ie


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