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Setting up a new business - advice needed

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  • 17-05-2013 5:45pm
    #1
    Laser TechnologyIE
    Registered Users Posts: 9 ✭


    'Hope some of you may be able to help..

    I work in the printer consumables business (have a steady full time job) and I'm looking to set up a small online business to make some extra cash. I have a lot of knowledge in this area and have experience of selling online / through Ebay etc. so I am extremely confident that my small venture will be profitable and a 'success'.

    Up to now I have been selling a small scale, as a nixer basically, but would like to make things more official.

    I have been looking online, but still have some questions..

    1. I expect my turnover to be less than €75,000 per year - all through the sale of goods so from what I can gather I do not have to register for VAT. However, I am still unsure what I AM obliged to do.

    2. Do I have to declare my other income to my current employer? While I am not in direct competition (not at all actually) I would prefer if I didn't have to. Maybe this isn't realistic..

    3. I will be importing items mainly from the UK, possibly China going forward (at least a year down the line). My understanding is that I do not pay UK VAT if I am VAT registered in Ireland, but will if I am not. Is there anything else I need to look out for, such as import tax etc.?

    Is there anything I am not taking into consideration? I'm new to this, so go easy.. :)

    Any advice would be most welcome.


    Thanks in advance,

    LTIE.


Comments

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    #2
    DubTony
    Registered Users Posts: 3,269 ✭✭✭DubTony


    IMO you would only need to tell your employer if your employee contract mentions working outside the business. Many of these prohibit outside working due to working time directives etc. Revenue will want to know about it though as you are required to declare all income.
    At some point you'll go over the vat threshold. As soon as you know you'll hit it would be the time to register. Its not a good idea to wait until you've actually reached the threshold.
    Unregistered, you'll pay your British supplier vat at the British rate. There are no import taxes when importing from EU countries.
    When its time to import from China, you'll be able to get all the help you need from Rudy


  • Options
    #3
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    +1 Dubtony has pretty much nailed it,, again!


  • Options
    #4
    Laser TechnologyIE
    Registered Users Posts: 9 ✭Laser TechnologyIE


    DubTony wrote: »
    IMO you would only need to tell your employer if your employee contract mentions working outside the business. Many of these prohibit outside working due to working time directives etc. Revenue will want to know about it though as you are required to declare all income.
    At some point you'll go over the vat threshold. As soon as you know you'll hit it would be the time to register. Its not a good idea to wait until you've actually reached the threshold.
    Unregistered, you'll pay your British supplier vat at the British rate. There are no import taxes when importing from EU countries.
    When its time to import from China, you'll be able to get all the help you need from Rudy

    Exactly what I looking for! Thank you very much!

    My contract does not specifically state that I have to declare outside interests so that's good news! :)


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