Business Startup

Brady

Hey Guys,

ive been operating as an i.t. contractor as a director of a "shelf" company setup by my accountant for a few years, however in the next month or so i am looking to operate under my own company name i was wondering had any one got any advice?

Eg. is it worth investing in Sage 50 & Sage Payroll to work out my PRSI VAT etc.


Thanks in advance.

jnh

if you already have a company and are operating through that why would you want to set up another one? if you want to change the name then that can be done with CRO. i received an email from sage last week saying they are now giving free accounts and payroll software to small businesses and start ups (Tas Books basic and quick pay)

janeha

I've allocated today to figuring out "Directors PRSI" and "Self-Employed" and all those things I need to do to extract some cash from own company.

I registered myself as an employee of my own company last November but I never paid myself anything. Cash in the business has been tight, but now I want to start taking a bit out. I find the whole the tax thing daunting as I'm just not familiar with it. So JNH's posting of a free payroll package was very welcome.

Brady

jnh wrote: »

if you already have a company and are operating through that why would you want to set up another one? if you want to change the name then that can be done with CRO. i received an email from sage last week saying they are now giving free accounts and payroll software to small businesses and start ups (Tas Books basic and quick pay)

hey... Its not my company its a company the accountants setup which has 3 other directors, i am mearly using it for invoicing purposes the accountants are taking a cut per invoice hence my request.

Thanks for the info!:)

censuspro

You can download free accountancy and payroll software that the previous poster jnh spoke about here http://www.tassoftware.ie/products/QPTB.asp

I've never used it so I cant vouch.

smcgiff

It's possible to set up a company yourself and it's very cheap but you'd need a certain amount of knowledge re company law (articles of association etc) - You can get a company to set it up for you for a few hundred.

Now, back to your original company. Who owns the shares. If you are a 100% shareholder you can get rid of the other directors. If the accountancy firm are part owners then this would be a strange enough arrangement.

Btw, you'll always need at least two directors in a company (wife /Gf?).

Is it possible the firm are doing other work for you, such as accounts preparation, and are charging per invoice issued?!? - Would need to know more info.

lanternman

It all depends on the number or transactions/employees. Also, if there are a lot of employees/transactions and bookeeping is not your strong point you might be as well paying someone to do it as it will save you having to buy any software and also free up your time to concentrate on what you do best.

trudub

Hey if your just going it alone have you thought about setting up as a sole trader or partnership (with wife/brother etc as already mentioned). The advantage of this is that you dont have as much regulatory responsibility RE reporting and restrictions and you dont have to carry as much a minimum capital level. The disadvantage is that its unlimited so your completely liable for the firms debts. Seems the cheaper option

lanternman

trudub wrote: »

Hey if your just going it alone have you thought about setting up as a sole trader or partnership (with wife/brother etc as already mentioned). The advantage of this is that you dont have as much regulatory responsibility RE reporting and restrictions and you dont have to carry as much a minimum capital level. The disadvantage is that its unlimited so your completely liable for the firms debts. Seems the cheaper option

What are you on about minimum capital level?

trudub

lanternman wrote: »

What are you on about minimum capital level?

Depending on what company he sets up, a minimum starting capital may be needed

lanternman

trudub wrote: »

Depending on what company he sets up, a minimum starting capital may be needed

Well he will be starting the same business as a sole trader so will obviously need the same capital!!!

trudub

lanternman wrote: »

Well he will be starting the same business as a sole trader so will obviously need the same capital!!!

Well he hadnt stated that so i was covering the bases.