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Advice on how to make my Business legit

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  • 02-11-2015 6:58pm
    #1
    conorm720
    Registered Users Posts: 3 ✭


    Hi,
    I set up a sports business back in april selling a particular type of Sportswear. I contacted a company in the Uk who produced the goods for me. I then set up a website after advertising on social media for a few weeks selling my goods under the name of the product. Thankfully my business so far has been a major success with sales exceeding 22k. Payments are made on website via paypal which i then transfer to my own personal bank account. However I am now at the stage where I am worried I will get in trouble for not being legit. I want to expand my business so I can potentially sell to sport retailers and need advice on what procedures and anything else I might need to do.

    Ps I am 21 years of age so any other advice on a business like this would be greatly appreciated :) .

    Regards
    Conor


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    #2
    ChippingSodbury
    Registered Users Posts: 1,350 ✭✭✭ChippingSodbury


    Hi,
    Start here: http://www.revenue.ie/en/business/running/registering-tax.html

    You can basically set up as a Sole Trader or form a Limited Company.
    If you expect to breach these values, you will need to register for VAT (you can register even if you aren't going to reach those values): http://www.revenue.ie/en/tax/vat/guide/registration.html#section2

    Whichever you choose, it's not a big deal and you should be able to do most of it yourself.
    The most important thing is that you keep records (everything you buy for the business, everything you sell for the business). You don't need an accounts package, just use Excel to keep track of this.

    Above all else, don't f**k with the Revenue: they always win! Good luck, sounds like you're on the right track. Find you local one of these and see what help they can throw your way: https://www.localenterprise.ie/ It's also a good way to come across like-minded people and share ideas etc.


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    #3
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    Definitely get it sorted was a bit silly leaving it so long. You don't want to mess with Revenue but they are also very helpful so best to contact them before they contact you! Might be best to have a word with an accountant see how they think best to proceed.

    Have you been trading under your own name of a business name?


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    #4
    conorm720
    Registered Users Posts: 3 ✭conorm720


    Thanks for the reply guys,I have been trading under a business name,yes thats why im eager to get it sorted, I had not anticipated for the business to grow so quick. I tried contacting enterprise Ireland but its months before they have an available slot to sit down with me.


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    #5
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    Register everything tomorrow. VAT is up to you at this point but it's not much additional work really. If you think taking this more seriously is going to get you near that 75k threshold then probably best to register now.


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    #6
    pedronomix
    Closed Accounts Posts: 997 ✭✭✭pedronomix


    conorm720 wrote: »
    Thanks for the reply guys,I have been trading under a business name,yes thats why im eager to get it sorted, I had not anticipated for the business to grow so quick. I tried contacting enterprise Ireland but its months before they have an available slot to sit down with me.

    as an import distribution operation, EI have no programmes for you. Focus on getting registered/sorted with Revenue... as you have no clue, get an accountant to guide you. Sorry to be so blunt but it is about prioritising the important stuff. The rest is about you and how you intend to work the business.


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    #7
    ChippingSodbury
    Registered Users Posts: 1,350 ✭✭✭ChippingSodbury


    pedronomix wrote: »
    as an import distribution operation, EI have no programmes for you. Focus on getting registered/sorted with Revenue... as you have no clue, get an accountant to guide you. Sorry to be so blunt but it is about prioritising the important stuff. The rest is about you and how you intend to work the business.

    Enterprise Ireland are only interested in companies who will be exporting: The Local Enterprise guys (I think they're now part of the County Councils) should be able to throw some help your way. They also run regular, relatively inexpensive training courses on all sorts of business basics.


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    #8
    delahuntv
    Closed Accounts Posts: 1,532 ✭✭✭delahuntv


    Best advice is get an accountant - talk to family / relatives to advise on someone and have a chat with them.

    Charges are not as high as you may suspect.

    Then let the accountant do all the boring paperwork / money stuff and you concentrate on your business. Some accountants will also become mentors and can give you invaluable advice.

    At 22k turnover you are still below threshold for registering for VAT, but you may hit that figure soon (€46,125 in your retail value calculated at revenue ex vat limit €37,500 + vat at 23% in one year) Also as you have registered a business name (presumably attached to your own name & pps) you are basically a sole trader and will need to make your own tax returns.

    You've done nothing wrong yet and there no urgency, but I'm guessing you are the creative & sales type and would hate the prospect of having to sit down in front of a load of paperwork. (like myself - I despise paperwork :) )


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