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

Should I register as a business?

Options
  • 28-05-2017 2:09pm
    #1
    radiodrive
    Registered Users Posts: 26 ✭


    Hi everyone, 
    I have an idea for a small online business. The idea isn't likely to make a massive amount of money but I'm confident it will generate a small amount of extra income for me throughout the year. My question is, do I or should I register as a business before I start or wait and see how things go. I work full time and this is likely to be something I spend a few hours a week doing. 
    Any advice would be greatly appreciated.


Comments

  • Options
    #2
    duploelabs
    Registered Users Posts: 11,395 ✭✭✭✭duploelabs


    What research have you done?


  • Options
    #3
    radiodrive
    Registered Users Posts: 26 ✭radiodrive


    In terms of registering as a business I have looked on the CRO website. I've read that if sales are under 75,000 I don't need to register for VAT. Obviously, I'm confident I won't come any where close to that figure. I presume I need to register regardless as a sole trader?


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


    It depends on the amount of extra income if it's just a couple of thousand then it doesn't matter if it's going to be run as a proper business and not just selling a fee things on eBay then it's best to. I seem to recall the cut off is around 5k not sure if that is still the same today.


  • Options
    #5
    radiodrive
    Registered Users Posts: 26 ✭radiodrive


    Thanks Jimmii, It would essentially be a craft business that would be selling to individuals and possibly niche businesses. As I mentioned, I doubt I'd be making much more than a few thousand a year. It's worth doing as it really requires little labour after the start but if I had to register as a business and submit paper work it might be more hassle than its worth.


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


    You'll still have to file an additional tax return but if it's only small you can do it online as part of paye I think. It's worth reading up on and doing up some sort of projections so you can see if you are likely to run into any accounting issues like that.


  • Advertisement
Advertisement