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Few startup questions.

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  • 03-07-2012 7:24pm
    #1
    The Snipe
    Registered Users Posts: 2,484 ✭✭✭


    Hey Guys,


    I've a few queries.

    I'm setting up a new photography business in the coming weeks (finally registering as a name) And will be working as a sole trader.


    My question is, do I need to charge VAT on what I produce, or is there a certain limit I can trade under before I need to charge VAT?

    The business will be run from my home, however - no shooting will be from my home, only paperwork, and editing, is there any taxes or fee's I'll need to pay with that? (Limerick City Council??)

    Is there anything else I'll need to know before I register it?


    Thanks guys,
    Cillian


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    #2
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    Hi

    If your expected annual turnover is greater then €37500 per annum then you are obliged to register for VAT. Otherwise it is not necessary.

    You will need to registered as self employed with he revenue and file an annual return of income (Form 11) in October every year.

    Best Regards

    dbran


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    #3
    Gloomtastic!
    Registered Users Posts: 8,490 ✭✭✭Gloomtastic!


    As long as you don't have a dedicated room in your house for your business then i believe you won't have to pay any rates to the council.


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    #4
    The Snipe
    Registered Users Posts: 2,484 ✭✭✭The Snipe


    dbran wrote: »
    Hi

    If your expected annual turnover is greater then €37500 per annum then you are obliged to register for VAT. Otherwise it is not necessary.

    You will need to registered as self employed with he revenue and file an annual return of income (Form 11) in October every year.

    Best Regards

    dbran

    So that means I don't need to add on the price of VAT onto the service so? As I don't plan on making that much in a year.

    Thank you for the info, especially the registration with Revenue, I had never thought of it!
    Gloomtastic! wrote: »
    As long as you don't have a dedicated room in your house for your business then i believe you won't have to pay any rates to the council.

    Nope there'll be no room specifically for it!

    Would it be worthwhile getting in contact with the City Enterprise Board for help with it? I'm doubtful that I'd need startup funding assistance, as I already have the Camera gear etc.


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    #5
    EIREHotspur
    Registered Users Posts: 767 ✭✭✭EIREHotspur


    Gloomtastic! wrote: »
    As long as you don't have a dedicated room in your house for your business then i believe you won't have to pay any rates to the council.

    Any home Business though thats anyway successfull would need a dedicated room...especially a computer/web design/photography etc business.

    How much would rates be per year roughly based on one room?


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    #6
    liam473
    Registered Users Posts: 17 ✭liam473


    You don't pay rates on a home business. However you can claim for electricity, phone, broadband, equipment etc. against your first company tax return - plus a % of the mortgage payments or rent that contributes towards the cost of running the business from home.


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    #7
    Gloomtastic!
    Registered Users Posts: 8,490 ✭✭✭Gloomtastic!


    liam473 wrote: »
    You don't pay rates on a home business. However you can claim for electricity, phone, broadband, equipment etc. against your first company tax return - plus a % of the mortgage payments or rent that contributes towards the cost of running the business from home.

    Claiming for a % of the mortgage/rent is not as clear cut as the UK. By claiming you are leaving yourself liable for tax on income that the room contributes. Check with your accountant but I was advised not to claim it.


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