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Registering for tax Form TR1

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  • 24-05-2006 3:52pm
    #1
    curadh
    Closed Accounts Posts: 302 ✭✭


    Hey everyone,
    I'm filling out this form and was wondering if anyone had any tips for things such as expected income etc. Looking to setup a sole trader business. If I go to an accountant would he do all this for me?
    Thanks


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    #2
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    Although it states this it is not required to fill this in - the part in which you refer to I think is the Vat Section on the TR1.

    You can use the TR1 to register as a sole trader, and then later on fill in another one to register for Vat.

    What business are you setting up?

    If its the provision of services then the threshold for services is €26500 in sales.
    If its the provision of goods then the threshold for goods is €51000 in sales.

    If you expect your sales to be greater than this then you must register for Vat. If you think that your sales will be less than this then you do not have to register for Vat although you may pick the option to be Vat registered.

    There are a few questions on that form that maybe un-answerable - makr through them NCN - not considered neccessary or NA - non applicable.

    Any other questions post them here and we ll be more than happy to assist


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    #3
    curadh
    Closed Accounts Posts: 302 ✭✭curadh


    Wow, thanks for the reply Kluivert,
    I am thinking I may engage the services of an accountant as I am not sure where I stand with regards my P45 or P60 or whatever. I went travelling for a year around 2 or 3 years ago and since I've come back have been living with folks and doing nixers here n there to keep going, but no official money in or out. I want to register as a sole trader to offer building services legitimatly.
    Do you think I will be in for a grilling the fact theres no records for me for the last 2 years.
    Also, as I expect to earn below 25k offering services per annum, does this mean I dont register for vat and cant claim expenses or tax back?
    Sorry again, but can I employ someone within my sole trader business?
    I really appreciate this by the way!!!!


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    #4
    midget lord
    Closed Accounts Posts: 956 ✭✭✭midget lord


    Hi Curadh,

    check your personal messages.


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