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Self employed or Sole trader

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  • 12-09-2006 1:21pm
    #1
    Paddymcc
    Closed Accounts Posts: 214 ✭✭


    The time has come that my business is finally generating enough cash to support myself full time so ive given up my job.

    Basically i refurbish laptops and resell them.

    So...its about time i get it all setup correctly before things snowball any further.

    Turnover was around 5-7k a month and this month should see us growing to a turnover of 10k a month with it hopefully growing as we approach Christmas.

    Do i need to go self employed or do i go for a sole trader.

    Another question is that i dont wish to register for VAT as i sell to the public so am i able to setup another company basically doing the same thing to avoid the vat registration as it will really effect profit margins.


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


    Paddymcc wrote:
    Do i need to go self employed or do i go for a sole trader.

    Another question is that i dont wish to register for VAT as i sell to the public so am i able to setup another company basically doing the same thing to avoid the vat registration as it will really effect profit margins.

    Self Employed or Sole Trader - Whats the difference.

    Setting up as sole trader is not the same as setting up a company. Sole Trader is self employed.

    If your sales per year is likely to reach 51k and over then you must register for Vat. You dont have to set up a company to register for Vat. Need to check the threshold though but its about 51k a year.

    Sounds like a good business alright you should make a killing with students going to Uni.


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