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Business is there but how do I register it?

  • 28-10-2008 10:53pm
    #1
    Silently loud
    Closed Accounts Posts: 28 ✭


    Hi,

    An elderly man has approached me (I am young and and I guess he thinks I know about this) He had a hobby and then he made a bit of money from it we would be talking 5,000 - 6,000 euro a year but then he hasnt an account of his costs so he maybe putting more in to it than what he is making.

    But he has gotten it in to his head that the tax man is gonna call to his house and the company isnt registered.

    Now I am not to sure on all this business stuff. Do you have to make so much money before its nessecary to register or does it need to be registered no matter how much money you make?

    Oh also he wants to put the company in his sons name but his son isnt to keen as his son works and doesnt want to pay more money as he doesnt have any thing to do with this "company"

    Now when i say company its basically a little room and one person in this room. We are not talking millions.

    What should he do? is it worth registering?


Comments

  • #2
    Mr Clonfadda
    Registered Users, Registered Users 2 Posts: 372 ✭✭Mr Clonfadda


    A person can run any business (unless business is in a regulated Industry). If it is not being carried out under the individuals name then you need to register a business name. An Income tax return would need to be submitted for the individual with accounts for business this can be very simply sales less expenses. with the level of turnover you're talking about there would be no need to form a company or register for VAT.


  • #3
    caminowebmaster
    Registered Users, Registered Users 2 Posts: 37 ✭caminowebmaster


    It is fairly easy to register a business name - contact the CRO and do it - it is that simple. Now I am not giving advice as to this being the best course of action. Once he is registered he will have to return accounts every year - that cost - and pay tax if he earns above a certain level.

    Professional advice would be best.


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