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Setting up a company

  • 23-07-2009 5:02pm
    #1
    liam62
    Closed Accounts Posts: 20 ✭


    Hi,
    I'm returning to college in September but want to set up sole trade business first. Nothing big just a software company releasing small programs for mobiles etc throughout the year to help with fees. I don't intend to earn much from it but I would like to know what kind of cost I would incur both in set up costs and through tax. I expect to earn less then 1000 from this venture and was also wondering would that stop me from receiving a maintenance grant if I was eligible for one?

    Should i register as a sole trader or is there a better way to do this?

    Thanks for any input!


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    I would not go to the trouble of setting up a limited company for this amount of money. I would instead trade as a sole trader. There is much less costs involved and it is simpler to manager and run.

    Just fill in form tr1 from www.reveune.ie to register for income tax.

    Regards

    DB


  • #3
    liam62
    Closed Accounts Posts: 20 ✭liam62


    Hi Dbran,
    Thanks for the reply. I agree a sole trading company is the way to go alright but is it expensive to set and do you know do I just pay a straight tax on my profits?
    thanks again...

    Liam


  • #4
    Bookkeeper09
    Registered Users, Registered Users 2 Posts: 266 ✭✭Bookkeeper09


    No cost in setting up the sole trader business...just need to down load TR1 form from Revenue website to register for tax, set up bank account etc.
    Income tax return will need to be filed annually to declare this income. Return for year ended 31 December 2009 will be due Oct/Nov 2010. Not sure if you have any other income ie some employement. If not, you will have your standard lower rate band and tax credits to use against this income.


  • #5
    JoeTurner
    Registered Users, Registered Users 2 Posts: 201 ✭✭JoeTurner


    Bookkeeper09 wrote: »
    Return for year ended 31 December 2009 will be due Oct/Nov 2010.

    You might get an extra twelve months to file your first return - the Revenue normally give sole traders an extra twelve months to file their first return. Your return for the period ended 31/12/09 might not need to be filed until October 2011.


  • #6
    Clanket
    Closed Accounts Posts: 2,087 ✭✭✭Clanket


    JoeTurner wrote: »
    You might get an extra twelve months to file your first return - the Revenue normally give sole traders an extra twelve months to file their first return. Your return for the period ended 31/12/09 might not need to be filed until October 2011.

    Never seen this before. What you mean might?


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  • #7
    JoeTurner
    Registered Users, Registered Users 2 Posts: 201 ✭✭JoeTurner


    With one or two exceptions, all the clients I've completed TR1 registration fors for in the last couple of years have been given an extra twelve months to file their first income tax return.

    Page 9 of the Revenue Commissioners guide to starting a business (IT48) which you can download from http://www.revenue.ie/en/tax/it/leaflets/it21.html states:

    "The return for the tax year in which a new business is set up can
    be made with the return for the following tax year, if you or
    your spouse were not carrying on another business during the
    year in which the new business was set up."

    Hope this helps....


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