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Ltd company - starting up questions

  • 27-03-2008 10:42pm
    #1
    smemon
    Registered Users, Registered Users 2 Posts: 3,467 ✭✭✭


    I'm considering setting up a Ltd company for a website, but i'm a bit out of my depth.

    Firstly, I'm in college full time, so am i right in thinking my grant / future grants would be taken away should i become a director?

    Related to that then, say the company goes bust and winds down, will i ever be able to claim grants or social benefits having been a director?

    Secondly, what way does VAT work... for example can i buy a PC, phones, car etc... and get them VAT free, or does the company need to be earning 'x' amount for that to be taken off?

    Also, are there any hidden costs involved? A name costs ~€20, and then it's just a case of filling in forms or paying someone to do it, right?


Comments

  • #2
    markymac
    Closed Accounts Posts: 130 ✭✭markymac


    smemon wrote: »
    I'm considering setting up a Ltd company for a website, but i'm a bit out of my depth.

    Firstly, I'm in college full time, so am i right in thinking my grant / future grants would be taken away should i become a director?

    Not sure on that one, but I wouldn't think it would affect you.
    smemon wrote: »
    Related to that then, say the company goes bust and winds down, will i ever be able to claim grants or social benefits having been a director?

    Yes.
    smemon wrote: »
    Secondly, what way does VAT work... for example can i buy a PC, phones, car etc... and get them VAT free, or does the company need to be earning 'x' amount for that to be taken off?

    You don't get stuff VAT free, it always has to be paid, but if you are VAT registered you can claim it back, but you also have to charge VAT aswell. If your turnover is going to be low'ish I wouldn't register for VAT.
    smemon wrote: »
    Also, are there any hidden costs involved? A name costs ~€20, and then it's just a case of filling in forms or paying someone to do it, right?

    Business Name cost €20, thats not a company. Lots of companies out there that do formations at low cost, if you're using the company name you don't need to register a business name.


  • #3
    smemon
    Registered Users, Registered Users 2 Posts: 3,467 ✭✭✭smemon


    Cheers for that :)

    Just on the VAT, am i right in thinking the company actually has to make profit before i can claim VAT back on expenses?


  • #4
    markymac
    Closed Accounts Posts: 130 ✭✭markymac


    smemon wrote: »
    Cheers for that :)

    Just on the VAT, am i right in thinking the company actually has to make profit before i can claim VAT back on expenses?

    No.

    You can claim VAT back on everything that's allowable, i.e. Diesel, Stationary, Computer, Stock, etc.... You have to do a VAT return every 2 months, you also have to charge & account for VAT on your sales aswell but as I said before, don't register for VAT unless you really need to. Everything is much simpler.


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