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Setting up side business

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  • 28-07-2020 11:17pm
    #1
    CalhounAgnes
    Registered Users Posts: 8 ✭


    Hi, I am a PAYE worker with a full time job and have a found a niche in selling specific art posters which has potential to bring in ~€200 profit a week.

    As this is a side project, how should I register this business? Should I register as sole trader or ltd company or what? Have never set up a company before so very green to this side of the business. Tried looking up CRO site but I find it the information very confusing. Should I reach out to an accountant or solicitor for this process?

    Also, myself and my fiance are going looking for a mortgage in the coming few months and don't want this side project to prevent us from getting approved. Would registering this company now negatively affect our chances or should we wait until after mortgage approval before registering? This would mean losing out on business in the meantime.

    We have reached out to LEO and will be attending Star your Own Business programme in Sept (earliest available date). Thanks


Comments

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    #2
    Darc19
    Registered Users Posts: 3,817 ✭✭✭Darc19


    Look for an accountant. They are not expensive and can save you a lot of pain when it comes to paperwork.

    See if you can get a recommendation from someone.


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    #3
    Water John
    Registered Users Posts: 21,453 ✭✭✭✭Water John


    Doesn't really justify setting up a co. As above get a good acc. Lots of people have something going on at the side. A good acc will be able to put expenses eg phone, office cost etc against your income and do your revenue returns.


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    #4
    Mrs OBumble
    Registered Users Posts: 25,960 ✭✭✭✭Mrs OBumble


    With that much profit, definitely get an accountant ASAP. Ideally get estimates from 2-3 for the cost of they type of work they could undertake from you, and choose the one who seems to have the best understanding of the business-niche.

    Either you have found a very profitable niche (in which case, why hasn't someone else found it!), or you need to consider VAT implications before you think about anything else. (You need to charge VAT if your revenue is over a certain threshold, and you need to account for it specifically - but there are complex rules based on customer locations.)


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    #5
    CalhounAgnes
    Registered Users Posts: 8 ✭CalhounAgnes


    Thanks all, the advise seems to be very unanimous - I'll get in touch with an account today :)


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    #6
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    You don’t necessarily need an accountant. Saying that as an accountant.

    I can’t recommend the LEO SYOB enough I did one, it covers so many areas and gives you a good network.

    As your none paye income will be more than €5k you’ll need to register with ROS and make an annual return. No need to set up a company. Look at Revenue website it’s very informative stay away from CRO that’s only for companies.


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