A Few Stupid Questions

1der

right, basically i don't know anything about organising a business but I am interested in creating on online business. what I want to do is to purchase some items through a online wholesaler and then sell them on a website.
I have already registered a business name and I just have a few questions on how to proceed with the creation of the business.

1. How can I obtain a VAT number and what exactly is a VAT number?
2. Are there any good online wholesaler that would be recommended for a large variety of different products? ( or just some general advice on approaching wholesalers)
3. Do I need to document every transaction that I make?
4. Do I need to register bank accounts and credit cards under the business name or can I just use my own?

Thanks in advance for any help.

Littlepete

1. How can I obtain a VAT number and what exactly is a VAT number?

http://www.revenue.ie/leaflets/research.doc

Also - Ripped directly from Revenue.ie site as no link was direct:

"Who must register for VAT?

You must register for VAT if you are a taxable person and your annual turnover (i.e. the amount of your receipts excluding VAT) exceeds or is likely to exceed the following annual limits


€70,000 for businesses which supply goods (where not less than 90% of the annual turnover is from the supply of goods);
€35,000 for other businesses, including those supplying services.
Businesses whose annual turnover is below these thresholds are not required to register for VAT (but may elect to do so).

You may also be obliged to register for VAT if you receive taxable services from abroad or if you are a foreign trader doing business in the State.

If you are involved in buying or selling goods within the EU you will need more detailed information and should refer to the comprehensive Guide to Value Added Tax which is available from any tax office.

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How do I register for VAT?

To register for VAT you must fill in one of the following forms:



Registration Form TR1 if an individual or partnership (download in PDF format);
TR2 if trading as a company (download in PDF format).
These forms can be obtained by telephoning the Revenue Forms & Leaflets Service at 1890 30 67 06 or 00353 1 67 44 050 for callers outside the Republic of Ireland or from any Revenue office.

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What rate is VAT charged at?

The standard rate of VAT is 21%:
This applies to all goods and services that are not exempt or liable at the zero or reduced rates
Reduced rate of VAT - 13.5%:
This applies to certain fuels, buildings and building services, certain newspapers etc.
Reduced rate of VAT - 4.8%:
This applies to livestock, live greyhounds and the hire of horses.
Zero-rated goods and services:
These include exports, certain food and drink, oral medicine, certain books etc.
Exempted goods and services:
These include financial, medical and educational activities.
If you need further information on the rate at which VAT is charged on goods or services please see the extensive VAT Rate Subject Index or alternatively you can contact your Revenue office.

"


2. Are there any good online wholesaler that would be recommended for a large variety of different products? ( or just some general advice on approaching wholesalers)

www.alibaba.com

3. Do I need to document every transaction that I make?

Yep.


4. Do I need to register bank accounts and credit cards under the business name or can I just use my own?


Nope you can be a sole trader and pay tax on your income.



Sorry this is in short form... im sure someone else can expand.

information

Littlepete wrote:

4. Do I need to register bank accounts and credit cards under the business name or can I just use my own?

you might have trouble lodging cheques made out to the business to your personal account or at least you would be charged an extra fee.