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

Starting a business

Options
  • 18-02-2005 4:56pm
    #1
    Yellow belly
    Closed Accounts Posts: 15 ✭


    Hi there, I'm sure this has been asked a million times before but I couldn't find a thread that answered all my queries.

    I'm going freelance and setting myself up as a sole trader. So far, so good....Now what? I have no idea what to do about tax/vat etc etc. Do I just need to keep a record of my income and outgoings and keep receipts etc or is there a whole lot more to do??

    I'm going to be working from home (PC Stuff) and just want to keep things as simple as possible...I could do without the expense of paying out for an accountant/book keeper if possible because i don't expect to earn a whole lot in the first year...can i do it all by myself or not?

    any help you can offer would be appreciated.


Comments

  • Options
    #2
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    Yellow belly wrote:
    I have no idea what to do about tax/vat etc etc.
    Very few people did starting out, and the Revenue/VATman will be understanding about this.
    Do I just need to keep a record of my income and outgoings and keep receipts etc or is there a whole lot more to do??
    It depends on your level of income. If you come in below a certain level and you're comfortable with the tax return forms, that's about it. If you're over that level - I don't know what it is currently tbh - you need to register for VAT. If you're not comfortable with the forms, you can hand all your docs over to an accountant to do it for you.

    adam


  • Options
    #3
    pan
    Registered Users Posts: 190 ✭✭pan


    I'm also in a similiar position.
    the revenue have a few guides to help you through the process
    www.revenue.ie e.g. it48.pdf "Starting in business"

    1. you will need to register with revenue (online service is available)
    2. you will be self-assessed, use pay-and-file system.
    3. pay preliminery tax every year 31th Oct. Pay final amount 31 dec
    4. tax credit remain the same.

    so for the moment, just register. keeping track of income/expenses, then pay taxes at end of the year.

    pan


  • Options
    #4
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    Check out Tommy McGibney's Starting a business guide.


  • Options
    #5
    Skyuser
    Closed Accounts Posts: 1,680 ✭✭✭Skyuser


    Out of interest, what is your business?


  • Options
    #6
    fintan
    Closed Accounts Posts: 647 ✭✭✭fintan


    also check out www.basis.ie fantastic website!


  • Advertisement
  • Options
    #7
    egan007
    Registered Users Posts: 2,934 ✭✭✭egan007


    Another one here who is considering making my nixers official.
    Is there added tax complications if you want to work in your 9-5 and also run a business?


  • Options
    #8
    pan
    Registered Users Posts: 190 ✭✭pan


    I've been looking into this recently!!

    Seems you will be taxed as if have one income
    PAYE income (9-5 job) + extra business income (self assested)

    Your tax credits will be the same, probably all used up in PAYE job. So I think this won't be a factor for self-assestment.

    PRSI I not to sure about! There are different classes of PRSI and I hope once you pay under your 9-5 job then you don't have to pay again.

    Can anybody confirm this or enlighten me :)

    pan


Advertisement