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Sole Trader Registration

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  • 11-12-2012 8:10pm
    #1
    micromary
    Banned (with Prison Access) Posts: 389 ✭✭


    Sorry to be a pain but any help is appreciated because I'm confused. I am setting up an online website next month. I want to register the name as a sole trader (when and if things turn out good then I will consider the company way) I have been looking and it seems that one goes thru the core site. However I have seen companies like registermycompany.ie doing it for a fee and a friend of mine advised that I should get an local accountant to do it. They will register the business. He advised that they will take your time off the stress of ensuring tax affairs are in order etc after this and ensure that there are no problems with revenue. What have sole traders here done and what would anybody recommend? Cheers.


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    #2
    capefear
    Registered Users Posts: 773 ✭✭✭capefear



    Hello Micromary.

    First of I run a business like registermycompany.

    The way I see it you have three options.

    1. The DIY option. As you are going to be a sole trader your tax situation won’tbe two complicated. If you are trading under a business name, you will need toregister the name with the CRO and then fill in a TR1 form and send it off tothe Revenue Commissioner. That’s you taking care off from a start up point ofview. All you need to be aware of then is Vat; you need to register for vatwhen your turnover is getting close to 37500 for a service and 75000 for aproduct and this will be paid bi monthly. As you are a sole trader your don’t need to worry about paying taxuntil Oct 2014, but when you start making money I would get in to the habitof putting money into a high interest deposit account so that you can meet yourtax bill and preliminary tax bill when they fall due.

    2. Get an Accountant to do it. As your friend said get an accountant to do it,most accountants don’t charge for the first meet but they will charge you a feefor registering you with the Revenue and registering a business name. I wouldask family or friends for a recommendation,

    3. Get a formation company to do it. There are various types out there, somewho will just register you for tax and the CRO and leave it at that and otherswho will help you register for tax and cro but also help you as you go alongwith any questions you may have.

    personally I would give option one a go and ask any questions you have hereas everyone on this site you give you as much help as they can.

    HTH


  • Options
    #3
    micromary
    Banned (with Prison Access) Posts: 389 ✭✭micromary


    Thanks for the advise. Good reading.


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