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Sole Trader

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  • 17-10-2007 11:45pm
    #1
    smooth operater
    Closed Accounts Posts: 209 ✭✭


    Ok, can someone clarify for me.....
    I want to set up as a sole trader, i will be supplying a service in the construction area.
    Now is it as simple as registering a business name and i can go out and sell my service once i keep track of all the money incomming and outgoing?
    Will this basically mean i have my business set up and i can claim vat back on transactions etc?
    Il worry about setting up my wages at a later date, im just trying to get out there at the minute.

    Very much appreciated
    Conor


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    #2
    MartMax
    Registered Users Posts: 1,667 ✭✭✭MartMax


    a brief advice - you can find more helpful answers on Revenue website for tax issues.

    as a sole trader normally takes wages as drawing. and, a sole trader would be taxed for the business profit. if you wanna claim for VAT, you would have to be VAT registered and expenses must be legitimate for business purposes.

    Marty


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    #3
    smooth operater
    Closed Accounts Posts: 209 ✭✭smooth operater


    Cheers for that man, il check it out....


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    #4
    hiscan
    Registered Users Posts: 1,105 ✭✭✭hiscan


    which is better a sole trader or a limited company say if you have two or three employees?


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    #5
    smooth operater
    Closed Accounts Posts: 209 ✭✭smooth operater


    Im not 100% sure myself to be honest.....i think the benefits of a ltd co. are during trading....


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