Setting up a company

tcawley29

Hi guys,
I am a 19 year old student ad want to set up my own web development company from home. I have no interest in employing anyone. Can anyone here advise me on whether I would be best off being a sole trader or a ltd company. As I said I want to be a one man show. There is a very slim chance of me crossing the 37,500 euro threshold for registering for vat so thats a bonus.
I am currently in college and only doing this in my spare time. I will be immigrating in the next two years also therefore I just want something easy to set up and easy to close. What sort of expenses and taxes will I have to pay.
Thanks
Thomas

capefear

tcawley29 wrote: »

Hi guys,
I am a 19 year old student ad want to set up my own web development company from home. I have no interest in employing anyone. Can anyone here advise me on whether I would be best off being a sole trader or a ltd company. As I said I want to be a one man show. There is a very slim chance of me crossing the 37,500 euro threshold for registering for vat so thats a bonus.
I am currently in college and only doing this in my spare time. I will be immigrating in the next two years also therefore I just want something easy to set up and easy to close. What sort of expenses and taxes will I have to pay.
Thanks
Thomas

Keep it simply, be a sole trader no point in registering a company.

Register a business name with the cro, buy the domain name and open a business bank account. Than submit a tr1 to the revenue commissioner and your good to go.

tcawley29

capefear wrote: »

Keep it simply, be a sole trader no point in registering a company.

Register a business name with the cro, buy the domain name and open a business bank account. Than submit a tr1 to the revenue commissioner and your good to go.

Thanks, I have the domain name and am currently building my site. Juts looking into taxes I will have to pay etc. Looking forward to when I can finally start

tcawley29

Can anyone help me out. I cannot seem to find out what my expenses will be. Since I am a student I do not think I will have to pay Class S PRSI because I don't expect to make over 5000 in my first year. So does that mean I only have to pay my 2% USC on my wage. Also how much does it cost to register my business name. I will be a sole trader

Alan Shore

http://www.cro.ie/en/downloads-business-name.aspx
€20 online €40 paper for RBN1 form

srsly78

capefear wrote: »

Keep it simply, be a sole trader no point in registering a company.

Register a business name with the cro, buy the domain name and open a business bank account. Than submit a tr1 to the revenue commissioner and your good to go.

OP note that a "business" bank account attracts loads of fees, you are better off opening a second personal account and using that.

thecelt

When you set up a business account with AIB you get 2 years free banking!

capefear

Yep I think Ulster bank do as well

tcawley29

Was on the phone with revenue today and was told I could keep the money in cash or wherever I wanted. Handiest way is to just start putting it into my savings account that I never use