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Sole Trader or Not

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  • 28-12-2015 6:28pm
    #1
    LePrince
    Registered Users Posts: 26 ✭


    Hi Boardsies!

    I wanted to try to make a (small) income out of internet services / online advertisement.
    I have a few questions:

    - Do I need to register as a sole trader? I was told this was not necessary and a normal tax return can be filed after the year end.

    - How long does it take to register as a sole trader? I see that you can do this online.

    - What is an agent link? I have an accountant.


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    #2
    Diceicle
    Registered Users Posts: 1,799 ✭✭✭Diceicle


    Bump - my query is / would be very similar. I would like to know what my obligations would be if I were to set up as a sole trader.
    My concern / bug is (apart from chronic distraction) - if I set up as a sole-trader but either essentially do nothing with the business - what would I be obliged to send Revenue?


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    #3
    ironclaw
    Registered Users Posts: 8,004 ✭✭✭ironclaw


    In a nutshell:

    - A sole trader is infinitely liable e.g. You sell someone something and its not as described, you and all your assets are on the line whether related to the business or not. Hence why most people set up Limited company's as their obligations are capped at the company's assets.

    - You don't need to formally register unless you want to trade under a different name e.g. My name is Joe Blogs so I could 'trade' under 'Joe Bloggs' But if I wanted to trade under 'Joey B's Internet Services' then I'd need to register the name with the CRO.

    - Accounts. You can make a self assessed return. Basically you declare your outgoings, incomings and profits to Revenue. This can be done online.

    - VAT. You can register for VAT, even if you won't hit the margins (~30k)

    - Income Tax. Things get a little complicated if you are fully self employed or its a side gig to a PAYE job. I'd recommend a talk with the next point.

    - Accountant. If you are serious and will be dealing with private individuals / companies, I'd strong recommend spending a few euro's on an accountant. Will answer all your questions and prepare you for filings. Its not impossible to do yourself if you are meticulous with your records but you could be over, under declaring etc. Takes the worry out :)


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