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From Limited to Sole trader

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  • 20-07-2017 10:19pm
    #1
    masit
    Registered Users Posts: 353 ✭✭


    I set up a Limited company last year to sell cars as a extra job to my full time job. In my full time job I started early and finished early but things have changed and I'm starting and finishing later so don't have so much time as I would like. So I decided to close the limited and go as sole trader. My question is, I know it's not a company any more but does the company(trading) name have to be on the invoice when I buy a car or can I buy it with my personal name on the invoice. Also, as with the limited company, margin scheme had to be on the invoice, does this apply to the sole trader as it's your profit that is taxed anyway. Thanks, Hope I make sense


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    #2
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    masit wrote: »
    I set up a Limited company last year to sell cars as a extra job to my full time job. In my full time job I started early and finished early but things have changed and I'm starting and finishing later so don't have so much time as I would like. So I decided to close the limited and go as sole trader. My question is, I know it's not a company any more but does the company(trading) name have to be on the invoice that I buy or car I buy it with my personal name on the invoice. Also, as with the limited company, margin scheme had to be on the invoice, does this apply to the sole trader as it's your profile that is taxed anyway. Thanks, Hope I make sense
    Nope.
    You need to close/liquidate the company properly. You need to to register a business name. You need to talk to an accountant.


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    #3
    masit
    Registered Users Posts: 353 ✭✭masit


    pedroeibar1 wrote: »
    Nope.
    You need to close/liquidate the company properly. You need to to register a business name. You need to talk to an accountant.

    All has been done. Would like to know about the invoice side of things been a sole trader compared to Limited. Accountant wasn't 100% sure as I was the first car sale person they had dealt with.


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    #4
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    Hi there

    The company no longer exists. So you have to buy and sell in your personal name. The margin scheme should apply whether you are a company or a sole trader. You will need to set up new registrations in your own name and not continue to use the company's.

    dbran


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    #5
    Bandara
    Registered Users Posts: 3,282 ✭✭✭Bandara


    masit wrote: »
    Accountant wasn't 100% sure as I was the first car sale person they had dealt with.

    As an aside. Get rid of your accountant.


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