Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Company or sole trader please help.

Options
  • 22-08-2015 9:46am
    #1
    reegiscz
    Registered Users Posts: 3 ✭


    Hi

    I own 1 website and working on another one. I hope they going to make a profit in some time.

    My question is can i set up as a sole trader or do i need to set up a limited company for the websites or can i have some revenue from it without setting up a sole trader or limited company?

    Also i work full-time and plan to keep my job and run the websites.

    Regards


Comments

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


    There is no requirement to set up as a Limited company.

    There are benefits (Limited Liability etc.) and downsides (greater bureaucracy).

    If you trade and not a company then you're a sole trader (if on your own).

    You'll need to register with the CRO (not just for companies) if you have a business name and with the Revenue for tax purposes.


  • Options
    #3
    reegiscz
    Registered Users Posts: 3 ✭reegiscz


    Sorry i have put my question in wrong way. I know difference between sole trader and limited company.

    I try ask differently.

    Do i need set up either of these structures at all?
    I do expect some profit form my websites so can i own it and have revenue from it without setting up a sole trader or limited company?

    Thank for your response anyway :)


  • Options
    #4
    Avatar MIA
    Closed Accounts Posts: 6,750 ✭✭✭Avatar MIA


    reegiscz wrote: »
    Sorry i have put my question in wrong way. I know difference between sole trader and limited company.

    I try ask differently.

    Do i need set up either of these structures at all?
    I do expect some profit form my websites so can i own it and have revenue from it without setting up a sole trader or limited company?

    Thank for your response anyway :)

    That's what I thought you were asking - that's what I answered.

    To be clearer - yes you need to be one or the other.


  • Options
    #5
    daveville30
    Registered Users Posts: 220 ✭✭daveville30


    what s the website and how do u go about setting one up.


  • Options
    #6
    Avatar MIA
    Closed Accounts Posts: 6,750 ✭✭✭Avatar MIA


    daveville30 wrote: »
    what s the website and how do u go about setting one up.

    www.cro.ie
    www.revenue.ie

    Generally, I don't think you need to contact an accountant if you have a fair idea of what you're doing at the start, but some do benefit from an accountant.

    Avatar MIA
    Accountant


  • Advertisement
  • Options
    #7
    reegiscz
    Registered Users Posts: 3 ✭reegiscz


    Thank you a milion :-)

    If i can bother u with one more question.
    I am still employed and i plan to keep my job and running the websites in the same time. Wheter i set up a sole trader or limited company, does it affect instantly my current job taxes or it depends on the profit from the company (or sole trader)?

    Thanks a lot


  • Options
    #8
    Avatar MIA
    Closed Accounts Posts: 6,750 ✭✭✭Avatar MIA


    You can stay as you are with your PAYE job, keep all your tax credits/tax bands with your employer.

    When you file your business accounts with Revenue they will then combine your Gross PAYE salary and your business profits (assuming you make a profit), taking account your your full tax credits and tax bands, the amount you've paid by PAYE and raise a tax charge (tax liability) on you for the amount due.

    You're probably fine, but just check with your employment contract that you're not contravening anything by setting up this business.

    Good luck


Advertisement