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1st time business

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  • 06-10-2009 12:36am
    #1
    Aidan2160
    Closed Accounts Posts: 5 ✭


    I am considering setting up a small project during christmas 2009, it will stand to make 1000-2000 euro and it will be a once off business, it involves putting company logos (with their permission) onto my idea and distributing the product. Do I need to register as a company(is it a must?)
    If I need to pay VAT how do I go about doing so.



    Thank you
    Tagged:


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    #2
    jon007
    Closed Accounts Posts: 3 ✭jon007


    the cutt-off threshold (annual turnover) for registering for Vat is currently €37500 for supply of services and €75000 for supply of goods

    Only if you go over these in the year will you need to register for Vat

    you do not need to set-up company but if you are generally a PAYE earner and wish to declare this extra income you can do this by completing form 12 which you would need to do by Oct 31st 2010 for tax year 2009.


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    #3
    tombull82
    Registered Users Posts: 910 ✭✭✭tombull82


    Hi I'm kind of in the same boat, but will be hoping to keep the business running and grow it,
    I am going to try run it locally for 1~2 months as a trial period first, my problem is that Business owners would be my customers,
    is there anyway I can run my trial without having to reg for VAT but not but them off using my service as I'm not Reg'd??
    Thanks


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    #4
    GeorgeBailey
    Registered Users Posts: 1,187 ✭✭✭GeorgeBailey


    jon007 wrote: »
    you do not need to set-up company but if you are generally a PAYE earner and wish to declare this extra income you can do this by completing form 12 which you would need to do by Oct 31st 2010 for tax year 2009.

    sorry for dragging up an old thread but just have a question related to this.
    If he made money in 2010 also, would he have to do his 2010 return on Oct 31st 2010 or 2011?


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    #5
    maddogcollins
    Registered Users Posts: 998 ✭✭✭maddogcollins


    GeorgeBailey wrote: »
    sorry for dragging up an old thread but just have a question related to this.
    If he made money in 2010 also, would he have to do his 2010 return on Oct 31st 2010 or 2011?

    Income earned from 1st January 2010 to 31st December 2010 would be returned on 31st October 2011.


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    #6
    GeorgeBailey
    Registered Users Posts: 1,187 ✭✭✭GeorgeBailey


    maddogcollins wrote: »
    Income earned from 1st January 2010 to 31st December 2010 would be returned on 31st October 2011.

    Thanks for that. Not sure what gave me the impression that 2010 would have to be done in 2010 but it's what I thought! That's a weight off anyway so thanks again.


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