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New Venture queries

  • 16-07-2009 5:28pm
    #1
    Johnnnybravo
    Closed Accounts Posts: 1,115 ✭✭✭


    Hi All,

    I have a good few queries here so please bear with me.

    My new business basically is that I source DJ`s for pubs and clubs, I am a DJ myself also.As things stand at the moment I have one major client that have djs in 7 nights a week, the score is that I do 3 of the nights myself and contract out the other 4 but the guy that owns this club pays me for the 7 nights and I then pay the guys I contract nights out to.

    Basically I am wondering is this worth my while? From a tax point of view, I assume that I can minus what I pay these guys from the money I receive at the end of the year to come up with my Income tax payable amount, my major issue is from a tax point of view as I dont want to pay tax on money I receieved just to pay out to others.

    Also I expect to pull in 50k a year. Do I need to register for VAT? I had heard somewhere that if I had an income under the 70k mark that I did not need to register for VAT.

    I am totally new to all this and any help at all would be grateful appreciated.


Comments

  • #2
    Ticktactoe
    Registered Users, Registered Users 2 Posts: 765 ✭✭✭Ticktactoe


    Johnnnybravo wrote: »
    Hi All,

    I have a good few queries here so please bear with me.

    My new business basically is that I source DJ`s for pubs and clubs, I am a DJ myself also.As things stand at the moment I have one major client that have djs in 7 nights a week, the score is that I do 3 of the nights myself and contract out the other 4 but the guy that owns this club pays me for the 7 nights and I then pay the guys I contract nights out to.

    Basically I am wondering is this worth my while? From a tax point of view, I assume that I can minus what I pay these guys from the money I receive at the end of the year to come up with my Income tax payable amount, my major issue is from a tax point of view as I dont want to pay tax on money I receieved just to pay out to others.

    Also I expect to pull in 50k a year. Do I need to register for VAT? I had heard somewhere that if I had an income under the 70k mark that I did not need to register for VAT.

    I am totally new to all this and any help at all would be grateful appreciated.

    Are you an employee on your clients books? Or are you setting yourself up as self assessed for tax purposes? The above all depends on the answer to these questions.


  • #3
    Johnnnybravo
    Closed Accounts Posts: 1,115 ✭✭✭Johnnnybravo


    Ticktactoe wrote: »
    Are you an employee on your clients books? Or are you setting yourself up as self assessed for tax purposes? T
    he above all depends on the answer to these questions.

    I am regsietered as a sole trader myself and will need to submit a F11 form.


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