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Question on a new business venture

  • 08-11-2008 11:25am
    #1
    sternn
    Registered Users, Registered Users 2 Posts: 929 ✭✭✭


    Hi there.

    I am currently running an unregistered business. Its a very small scale at the moment, with turnover of less than 2000 in the first 6 months.
    I am looking to increase the scale, which might increase the turnover by at least 4 or 5 times the current amount.

    My question is, can I remain unregistered? Im not too sure of the laws regarding this, or indeed the need to pay VAT etc..
    All I am doing is buying and selling products. The planned expansion is to provide products with a service, a small bit of entrepreneurship :D


Comments

  • #2
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    The VAT threshold is currently €35k.

    http://www.google.ie/search?hl=en&safe=off&sa=X&oi=spell&resnum=0&ct=result&cd=1&q=vat+threshold&spell=1

    Short answer: no, you don't need to register. However the VAT threshold is only one factor, you should talk to an accountant if you want a definitive answer.

    adam


  • #3
    redroar1942
    Closed Accounts Posts: 388 ✭✭redroar1942


    35K for services. 70K for goods. Both increased in last years budget.


  • #4
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    Apologies, I forgot that they differed.


  • #5
    byrne0f56789
    Closed Accounts Posts: 201 ✭✭byrne0f56789


    You will have to register for personal income tax as well. This means you will be operating as a sole trader. If you are buying and selling stuff it might be better for you to register for VAT because you can claim the VAT back on the goods you are selling. If you are selling to VAT registered businesses they won't mind paying the VAT because they can also claim it back.


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