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Early stages question?

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  • 28-05-2020 3:45am
    #1
    thelibertyboy
    Registered Users Posts: 310 ✭✭


    Hi folks

    id say this has been asked before and like alot of people theres confusion etc.
    Ill lay out my question hopefully very basically.
    Iv setup a site and i have people ready to buy my products.

    im working full time. So my question is. can i sell products take in money then a few weeks down the line
    1.register with revenue and setup cro
    2. get an accountant etc?
    since i have an at home full time job im ok to do my job and do this on the side. obviously just make sure i keep full records of every transaction for when i goto accountant and revenue in future i dont think the money will go near the vat threshold.

    Thanks


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    #2
    MyTax Ireland
    Registered Users Posts: 30 ✭MyTax Ireland


    Hi,

    Fair play in setting up and making sales - a big first step.

    At a really high level, if you plan on making over €5k you need to register with Revenue for IT. If less than this, you only need to file a form 12 each year.

    In terms of a business name, if you are not trading as your own name you need to register a buisness name with the CRO. You technically have one month from adoption of this name to register the name.

    You should be ok to take payments, and to your point, you will need to issue invoices and maintain records.

    Thanks,
    MyTax Ireland


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