Do i need to register as a business?

radiodrive

Hi all,
So this maybe a stupid question so forgive my ignorance if it is. I have had a business idea and after much deliberation have decided to give it a shot. The idea i have had will be something i will be doing as a part time thing until i see how it goes. It does not require much space so will be doing it from home and does not require much starting capital, so I will not be asking the bank for funding. The profit margins of the business are going to be relatively low at the beginning and i definitely wont be exceeding the E75,000 required to register for VAT.

So basically what I'm wondering is, do i need to register as a company or can i just do without?

Would it benefit me to register as a company?

I probably should note that a section of this business will require me to trade online.

Thanks for taking the time to look,
Long time lurker and reader,
Radiodrive.

blue4ever

Personally - unless you have any issues with potential liabilities etc I would sole trade.

AND 1) well done 2) the very best

6th

I'd say give it s go for a while unofficially if you can as research. Thats what I did and am not in the process of setting up as a sole trader. The best thing I did was get advice from a good accountant so if you want a recommendation just drop me a PM.

radiodrive

Thanks for the reply's. Yeah I think I'll test the waters and then register.
blue4ever thanks, i hope it goes well!. I'll keep you all posted over the next few weeks, as i sure new questions will arise.

Thanks again.

Radiodrive

Richie15

6th wrote: »

I'd say give it s go for a while unofficially if you can as research.

And of course if the revenue are reading this, you wont be making any profit at all, right?

Seriously though, there are two registration issues at play here, namely business and tax. There's no requirement to register the business, unless you want it to have a name other than your own. The benifits of becoming a ltd or plc etc are reduced liabilities and such.

As for the tax, that's a different matter. You've to register as self-employed for income tax reasons, and if you earn over a certain amount (this depends on the nature of your business) you've to register for VAT too. You might want to read up on the tax laws, or get yourself an acountant.

Don't forget, depending on what your business is, you might also need a licence, or change of use planning permission on the house, but I'm sure that's pretty common-sense stuff. It's not like you're growing cocaine!

padocon

No, you don't need to register. You still have to pay tax. If you do well you can get a name, thats the best idea I would say.
Good luck!