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Starting to Wholesale Small Scale, what do i do for tax?

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  • 04-09-2016 3:16pm
    #1
    Mitchel
    Registered Users Posts: 36 ✭


    I'm buying and selling from a contact in china. wallets mainly. I will be buying them and then placing them in shops.Roughly what is the minimum I need to spend to get it legalised, with tax and such. also where do i do that?


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    #2
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    There is no minimum to do it legally you just need to declare the income to Revenue. You only have to register for VAT once you hit the threshold which you are unlikely to do if you are just doing it small scale.

    Good luck!


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    #3
    Mitchel
    Registered Users Posts: 36 ✭Mitchel


    Even if I am selling them to shops? where/how do I declare the income? Like I assume I have to pay tax and then claim it back as I did when I was part time working?


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    #4
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    Mitchel wrote: »
    Even if I am selling them to shops? where/how do I declare the income? Like I assume I have to pay tax and then claim it back as I did when I was part time working?

    Yeh doesn't matter who you are selling it to there's no license or anything needed. If you are registered on PAYE anytime you can declare the additional income there. Have a search on the Revenue site for declaring additional income (assuming you are also working).


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    #5
    Mitchel
    Registered Users Posts: 36 ✭Mitchel


    awesome :D i'm not currently working as i'm a college student but I was recently so I should be grand :) cheers for your help mate


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    #6
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    The only other thing would be if you are planning on trading under anything but your own name then you will need to register that too. Costs €20 and only takes a few minutes to do.


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    #7
    Mitchel
    Registered Users Posts: 36 ✭Mitchel


    oh ok and where do I do that?


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    #8
    Sleeper12
    Registered Users Posts: 17,076 ✭✭✭✭Sleeper12


    Isn't there an importers number you need? Last time I imported from China I had to register with revenue before I could get my goods released. They used the same number as my VAT number in the end. Took 20 minutes to register


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    #9
    Sleeper12
    Registered Users Posts: 17,076 ✭✭✭✭Sleeper12


    Mitchel wrote:
    oh ok and where do I do that?


    C.R.O. Company Registration Office. It can be done online.


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    #10
    Mitchel
    Registered Users Posts: 36 ✭Mitchel


    Ah ok cheers man :D I'll look into that so :D


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    #11
    antoinolachtnai
    Registered Users Posts: 9,793 ✭✭✭antoinolachtnai


    You also really need to look at other possible areas where you are liable as an importer. Product liability insurance is one such area but there are other areas, like compliance to standards. Maybe you can 'get away' without it.


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