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Need some help - Dropshipping

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  • 06-07-2021 4:11pm
    #1
    carlope2
    Registered Users Posts: 17 ✭


    Hi lads,

    bit of a story, i started dropshipping before new year after loosing my job due to covid and im finding some good numbers going now. Thing is i never registered with CRO or revenue and im ****ting it now to be honest that i did a stupid mistake by not doing so in the first place, but i never thought it could take off.

    I did nearly 40k in revenue in the last 4 months with around 20 -25 % of that
    being profit.

    The other thing is i dont think i can register now, because both my stripe and paypal accounts were frozen so i had to open up ones with different details to mine so that would look weird for all my bookeeping i had to keep aswell. So basically i have stopped running ads now and want to start fresh with a new website etc. just cant get a stripe or paypal account open under mine name, would that be a problem ?

    And could i transfer all the transactions i did with the old website to the new one by any chance ?

    Also i do not sell anything in europe all non eu countries, do i need to pay tax there too ?

    I'm really not good at this if anyone can shed some light wtf im doing now ill appreciate it.


Comments

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    #2
    2PiDesign
    Registered Users Posts: 24 ✭2PiDesign


    Posting here, until someone with better experience comes along.

    I've found Revenue to be good to deal with*, I'd suggest getting in touch with a reputable account or tax advisor to get this mess resolved ASAP.


    * They are efficient, helpful & friendly if you are trying your best to do the right thing. If they catch you trying to avoid taxes, they are ruthlessly efficient & that's not a fun place to be.



  • Options
    #3
    andy t
    Registered Users Posts: 77 ✭✭andy t


    you can register with revenue & backdate accounts so far ,,,

    just keep a record & proof of everything you did ,,, its normal for business to be messy at the start ,

    once you pay the tax on the monies,then there shouldn't be a problem,



  • Options
    #4
    KpsCowley
    Registered Users Posts: 175 ✭✭KpsCowley


    Hey,

    Great to see some other Irish dropshippers. Good going on your revenue, keep at it and your numbers will increase year on year.

    Tax gets complex for sure, especially for the way you are trading, I trade in the same way. I also assume that you are using paid advertising, have you considered the VAT you are being charged on that? Trying to reclaim is what I am working on right now.

    Drop me a message, it would be good to connect 👍

    Kevin.



  • Options
    #5
    EIREHotspur
    Registered Users Posts: 767 ✭✭✭EIREHotspur


    First of all I concur with what 2PiDesign said....of all the people I have ever went to talk to or get info from Revenue people are amongst the friendliest and most helpful.

    First of all do not panic and do not get stressed as everyone starts somewhere and everyone starting a Business makes mistakes.

    You know you have to fix this so just contact them and if you can go and sit down accross a desk and explain and tell them the truth they will prob help you fix it.

    Biggest thing is what you are doing is a success for you so far so sooner you get everything straightened the better.

    Good luck!



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