Setting up a business

Topmanager

Hi
I am in the process of setting up a business renting out bouncy castles
I think i should start off as a soletrader..
I only turned 18 a few months ago and want to know to get started ???

I am in the process of ordering 2 bouncy castles.

What is the story on all the Documents on registering as a sole trader and will i need to apply for a Vat number...As a soletrader will i have to make a return to revenue commissioners every year...

Will i have to charge Vat (13.5%) on all my services and return it to the commissioners....

Any help and links would be greatful...

dooloo

You are only obliged to register for VAT if you exceed the thresholds. currently €37,500 for services.

Seeing as most of your sales will be to private individuals, there is no benefit in registering for VAT unless you have to.

JoeTurner

Get insurance sorted before you rent your first castle - you don't want to be sued by mammies and daddies if little precious bounces headfirst off the bouncy castle !

Bandara

Well done on starting your first business, hope it goes very well for you.

DEFINITELY go have a chat with an accountant about the options open to you,a knowledgeable accountant will save you a lot of money.

ImDave

I'm not sure if this is just a gimmick from Bank of Ireland or not but they say you get a free consultation with an accountant if you open a business account with them. If thats the case, its worth it for that alone. Somehow I just don't believe it.

TheWaterboy

No need to register as anything other than a sole trader - IMO id say there are loads of bouncy castle guys not registered at all!

Bank of Ireland offer free consultancy with an accountant when you open a business account but to be honest I wouldnt get bogged down in that - Look at www.cro.ie and you can take it from there. You need to return accounts once a year.

Defo enquire about public libality - again IMO there are loads that dont even have that.

Best of luck with it though - There are loads of people in a similar business as you and with a hint of recession will parents be flogging out for these bouncy castles.

Suaimhneach

There are guys out there who you can pay a small commisson to who do all the paper work for you, register the name and tax and such. Google it...!
Good luck.

stepbar

EI-DAV wrote: »

I'm not sure if this is just a gimmick from Bank of Ireland or not but they say you get a free consultation with an accountant if you open a business account with them. If thats the case, its worth it for that alone. Somehow I just don't believe it.

What you get is an hour with an ACCA registered accountant. Probably not enough but a start. It's better than what others offer.

thecleverone

This booklet is a good place to start when looking at your options:

http://www.wexfordceb.ie/pdf/A%20Guide%20to%20Business%20Law.pdf

wyndham

Aaaah, the bouncy castles game.

The "business opportunities" section of Buy and Sell magazine has been full of ads for these for years.

Have a look here:

http://www.buyandsell.ie/browse.php?quicksearch=bouncy&textopt=all

The market seems to be a bit saturated, to say the least? Lot of people trying to get rid.

sickpuppy32

JoeTurner wrote: »

Get insurance sorted before you rent your first castle - you don't want to be sued by mammies and daddies if little precious bounces headfirst off the bouncy castle !

actually bouncing caste injuries are one of the highest statistical for children. there was a case in england not long ago, they have to be supervised at all times now

Diairist

have you a friend on the dole who can help you? Would that qualify you for a grant as an employer and a PRSI holiday for yr friend? An hour with an accountant you didn't select?? dodgy....

DublinDilbert

TheWaterboy wrote: »

No need to register as anything other than a sole trader - IMO id say there are loads of bouncy castle guys not registered at all!

Now there's some bad advise.... :eek:

If you register as a sole trader, You will be personally liable for any debts / liabilities of the business... So when a child is injured your business can be sued..

You'd at very least want this as a ltd company and have the insurance aspect sorted too...

Just cause other people are renting out bouncy castles with none of the above, no reason why you should take chances...

stepbar

+1 to that

Forsaken1

EI-DAV wrote: »

I'm not sure if this is just a gimmick from Bank of Ireland or not but they say you get a free consultation with an accountant if you open a business account with them. If thats the case, its worth it for that alone. Somehow I just don't believe it.

that is true... you get an hour with a recommended accountant...
I'm with my accountant now a couple of years and no complaints.