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Few business related questions

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  • 25-05-2012 4:40pm
    #1
    musicformedia
    Registered Users Posts: 181 ✭✭


    Hi guys. Im already a sole trader and sell my music online via music libraries - its my full time job and I have the artists exemption scheme so pay no tax on royalties. I want to start up an online store or two in totally different industries.

    1. As a sole trader, am I ok to have different businesses doing different things, or is the idea to be focusing on a particular industry?

    2. Is it really just as easy as purchasing stock overseas online and sticking them up on your website, then putting the expenses/income in as part of your yearly tax return, or is there more to it than that?

    3. Can I be a sole trader and also own a company too? Ie. be a sole trader for my music business and then have an actual company for my online stores?

    That's all the questions I have right now - I just find it hard to gather the information in relation to Ireland.

    Thanks for any info you can provide.


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    #2
    AndyJB
    Closed Accounts Posts: 177 ✭✭AndyJB


    musicformedia wrote: »
    1. As a sole trader, am I ok to have different businesses doing different things, or is the idea to be focusing on a particular industry?

    You can have any number of businesses.
    musicformedia wrote: »
    2. Is it really just as easy as purchasing stock overseas online and sticking them up on your website, then putting the expenses/income in as part of your yearly tax return, or is there more to it than that?

    Again yes. Make sure there is a demand for what you import first.
    musicformedia wrote: »
    3. Can I be a sole trader and also own a company too? Ie. be a sole trader for my music business and then have an actual company for my online stores?

    By company I presume you mean a Limited company registered with the CRO. If this is the case it's Yes to this also.

    On the issue of your artists exemption and various taxable incomes you'll potentially have, just be sure to keep all your income and expenses logged separately.

    Best of luck.


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