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Register for Tax/Vat

  • 29-08-2009 12:58pm
    #1
    Wats_in_a_name
    Registered Users, Registered Users 2 Posts: 838 ✭✭✭


    I set up a 'mini-company' as a transition year project and recently I have begun turning over €2,000 a month. I'm not making that much although I think I should be registered for tax! It's only recently I have begun making a profit.

    Is register for tax a matter of filling out the TR1 & then can I do self assement on ROSS. I have registered as a Trading name with CRO.

    Is there a sample of what I would have to do annually as I might just give up the business if it's a lot of effort.

    thanks!


Comments

  • #2
    TaxingTimes
    Registered Users, Registered Users 2 Posts: 145 ✭✭TaxingTimes


    If you have a company you need to register for Corporation Tax with a TR2.
    If you are self-employed you register for Income tax with a TR1.

    You should be recording all your expenses and invoicing for sales. You need to prepare a set of accounts annually and a personal tax return Form 11) if you are self-employed. You will need to pay income tax by 31 October following the tax year end, and preliminary tax if required.

    You should take professioanl advice - at least in setting things up correctly for the first year.


  • #3
    swanvill
    Registered Users, Registered Users 2 Posts: 276 ✭✭swanvill


    Congrats on your successful mini company,

    I am guessing from your post that you are still in school.

    You can keep a simple excel sheet with an income and expenditure account working out your profit and from which you might have to pay tax. My advice is to prepare the income and expenditure account with the help of your accountancy teacher.

    Once you know your profit you could talk to your local Revenue Commissioners Office and ask them if you owe any tax. Unless you have other income and if your profits are small you should have no tax to pay.

    If you are a bit nervous/ don't trust about talking to the Revenue you could always contact a couple of accountancy practices and ask for a quote to do your accounts & taxes. My estimate your bill should not exceed €250.

    I would just chat to the Revenue myself, best of luck and if you have any queries let me know.

    Sean

    http://www.accountingplusireland.com/


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