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Online business

  • 03-05-2008 12:13pm
    #1
    Ascendotum
    Registered Users, Registered Users 2 Posts: 19 ✭


    Hey,
    Recently I have been thinking about starting an online business selling sunglasses. It would consist of a website and payment would be accepted through paypal. As I would be a reseller the sunglasses would be posted from the manufacturer (in Asia) straight to the customer (in Ireland). As I understand it if your sales are bellow €55000 you do not need to register for VAT. Is this correct and would I need to register as a company?

    Thanks in advance for any advice you give.


Comments

  • #2
    Bob the Builder
    Registered Users, Registered Users 2 Posts: 2,919 ✭✭✭Bob the Builder


    There's a lot to it to be honest.

    My advice is to go to www.revenue.ie and click "Businesses" in the menu. That will give you a pretty good outline of it...

    another one to try is www.basis.ie

    you have to register the company as soon as it is set up but you dont have to pay VAT until after your sales exceeds a certain amount. (I believe it's about 20k sales per year before you have to start paying VAT)


  • #3
    ImDave
    Registered Users, Registered Users 2 Posts: 1,096 ✭✭✭ImDave


    You have no obligation to set up as a limited company. You do however have to register your business name (costs €20, takes ten minutes). I would advise anyone to stay away from setting up a ltd. co. before you are sure you are going to stick with it. It comes with a lot of obligations, as you are setting up a seperate legal entity, and costs a bit aswell. From an accounting perspective, just open a seperate bank a/c as a sole trader to keep your transactions seperate, if you ever need to go ltd, there should be no major problems.


  • #4
    onedmc
    Registered Users, Registered Users 2 Posts: 456 ✭✭onedmc


    Ascendotum wrote: »
    Hey,
    ... (in Asia) straight to the customer (in Ireland). As I understand it if your sales are bellow €55000 you do not need to register for VAT.

    No, small companies dont need to register for VAT but you will have to in this case. As each customer would have to pay their own VAT as the item is imported from Asia. All imports from outside the EU must pay VAT, you might get away with it the first couple of times but An Post will notify the revenue.

    You will have to talk to the revenue to organise this process as the supplier will have to quote your VAT No on imports and include your invoice with the dispatch.
    Ascendotum wrote: »
    would I need to register as a company?

    No you dont need to be a company and you can register for VAT as an individual.

    Good luck let us konw when the first 70% off sale is


  • #5
    ChinaImports
    Closed Accounts Posts: 18 ✭ChinaImports


    Ascendotum wrote: »
    Hey,
    Recently I have been thinking about starting an online business selling sunglasses. It would consist of a website and payment would be accepted through paypal. As I would be a reseller the sunglasses would be posted from the manufacturer (in Asia) straight to the customer (in Ireland). As I understand it if your sales are bellow €55000 you do not need to register for VAT. Is this correct and would I need to register as a company?

    Thanks in advance for any advice you give.

    Hi,
    From experience don't get the Asian supplier to send directly to your customers! I've had a lot of dealings with Asian suppliers and where most are fine, all you'll need is a handful of customers getting damaged items or nothing at all and your business could potentially suffer. Anyway how will you control proof of delivery??

    The previous poster mentioned the VAT issue on imports, but there's also an import tariff to be paid. So best thing to do is contact the revenue and ask about the Tariff rates that'll apply on your type of glasses. Then re-do your numbers.

    When you've run the numbers and you're happy, get the stock delivered to you directly first. If you anticipate large sale volumes I would recommend you visit your suppliers out there and organise shipment inspections before they leave the point of origin.

    Be sure to let me know when you're sale starts 2!

    Best of luck


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