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Employing family members and registering for VAT

  • 08-08-2015 8:31am
    #1
    manq
    Registered Users Posts: 4 ✭


    My husband is a sole trader. I am a home carer with a special need child and we are jointly assessed. I have always helped out in the business but have never drawn a wage.
    Our eldest child, 15, also helps us stuffing envelopes etc. for which we give her pocket money.
    I do our tax returns online myself and do not have an accountant.
    The business is going well (thank God!)I’m considering registering both myself and our daughter as employees and registering for VAT as we may exceed the €37500 limit.
    My questions are thus:

    If I register myself and our daughter as employees, can I back date the employment to take into account the money that we have received out the profits already this year?

    I was told that if I register for VAT I must have an accountant certify our accounts but I am not sure if this is true.

    I'm a total novice at this so am looking for some pointers. Any help or advice would be appreciated.
    Tagged:


Comments

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


    Hi

    It should be possible to backdate your employment to take account of profits already taken. However I would not be keen to put your daughter through as a salary as this could affect other things.

    You dont need an accountant to certify the accounts but the larger the business gets the more likely that you will run into problems that you wont be able to solve easily yourself.

    dbran


  • #3
    manq
    Registered Users Posts: 4 ✭manq


    Hi dbran. Thanks for the reply, I appreciate the help.

    I'll probably will have to contact an accountant at some point but wanted like to have some information before doing so.
    I've been managing our book fine so far but haven't had to deal with VAT and employes.

    As our projected takings are not likely to exceed the €37500 for VAT by more than €1000 or €2000 I don't want to pay an accountant more than the extra that we earned.
    We might be better taking a few weeks off rather than paying out more than we gained doing the extra work!


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