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Setting up App business

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  • 21-08-2015 6:43pm
    #1
    cscburnsbrian
    Registered Users Posts: 5 ✭


    I hope someone can help me with some advice. I was thinking of creating a phone application that would assist business people with some small services and selling it via Itunes or the Google Play store.My first thought was to just do it but then I thought if someone was using my application, even if I had disclaimers on it, and something went wrong they might try to sue me for damages. I would still try and keep my own job as well on top of this as well.

    I was thinking maybe it would be a good idea to set up a LTD and give myself some limited liability.
    Maybe I'm been pedantic and it wouldn't be possible to sue me for something if I had a disclaimer on it.

    I'm just wondering if anyone has any thoughts on this?
    The other thing is if I am the only employee of my company can I draw on the profits the company makes as my pay?

    In other words, instead of having a set wage, is it possible that I can be payed a percentage of the companies profits?
    Does this mean I would have to pay double tax, as in Corporation tax and then PAYE?


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    #2
    Avatar MIA
    Closed Accounts Posts: 6,750 ✭✭✭Avatar MIA


    cscburnsbrian wrote: »

    I was thinking maybe it would be a good idea to set up a LTD and give myself some limited liability.

    You're the best person to answer that. A company will give you limited liability.
    cscburnsbrian wrote: »

    The other thing is if I am the only employee of my company can I draw on the profits the company makes as my pay?

    In other words, instead of having a set wage, is it possible that I can be payed a percentage of the companies profits?
    Does this mean I would have to pay double tax, as in Corporation tax and then PAYE?

    You can set yourself up as a PAYE employee, however as a proprietary director there are some differences re tax credits etc.

    Company profits are after paying wages, so you wont be taxed twice - you can pay yourself irregularly if you like. Other benefit is the more beneficial rules around paying yourself a pension as a director.


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    #3
    The Corinthian
    Closed Accounts Posts: 19,777 ✭✭✭✭The Corinthian


    I honestly think you need to do a lot of research on your app, how it can be produced and maintained, what infrastructure you'll need and what your revenue model will be and whether it is viable, before you start asking about limited companies - I assure you this will be the least of your headaches.

    Forget about what type of set up you'll have for now until you actually know what you'll be doing - lots can change between now and then.


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    #4
    RoRo979
    Registered Users Posts: 476 ✭✭RoRo979


    I hope you already have good coding knowledge and dont plan on spending 2 months watching youtube videos to learn it.


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