new business

daddymcdee

H i Folks,just looking for some advice on starting my own business.I have all of the tools and knowhow to do the work but don't know where to start with registering and starting and oh yeah I have very little money.Any advice would be gratefully recieved

smeharg

If you're going to set-up as a sole-trade then you can start whenever you're want. At some stage you'll need to submit a taxes registration form to Revenue. The form you need is TR1.

You'll also need to register for VAT if you think your totals sales in the next year will exceed €37,500 for a service or €75,000 for goods. It may be beneficial to register for VAT even if aren't obliged to. This may be the case if you have significant investment to make in equipment and all your sales will be to vat registered businesses.

If your business name is not your own personal name you'll also need to register a business name with Companies Registration Office - form RBN1 or you can register online.

If you're going to set-up a limited company you'll need to have all that in place before commencing. Sole-trades and limited companies each have their own plusses and negatives, and there are many things to consider before choosing which is the best option.

For most businesses starting up a sole-trade is the best option. But for some things you will need a limited company, eg Seed Capital Relief or certain government funding.

Your first port of call for funding should probably be your local county enterprise board.

Best of luck with the new business.

Feel free to PM me if you've any specific questions.