Taking over a business, tax questions

kryogen

Hi all, never posted in here so go easy on me

Im in the process of acquiring a business and i was wondering if anyone could help me with information about how to go about VAT regisration and tax, employee PRSI etc.... basically all aspects of tax i will need to be familiar with, how to set them up mainly.

i know i should just talk to an accountant and i will, but i would also like some knowledge of the subjects myself

have plenty of knowledge and experience in the industry itself, just a little lost when it comes to tax and the ins and outs of it

Snowdrop

Assuming it is not a registered company you are acquiring and you need to register as self employed, you should download and complete form TR1 from revenue.ie. Also register for ros.ie so you can do your filing online. There are a number of guides to VAT etc on the revenue site which will help you also.

You will also need to consider the systems you need, payroll, accounts etc.

If you are not confident in any of this, consider getting some training. A couple of hours will give you a good start and save you time and stress. A good book-keeper should be able to help you with this and will be considerably cheaper than an accountant.


Best of luck.

Corrs LIGHT

kryogen wrote: »

Hi all, never posted in here so go easy on me

Im in the process of acquiring a business and i was wondering if anyone could help me with information about how to go about VAT regisration and tax, employee PRSI etc.... basically all aspects of tax i will need to be familiar with, how to set them up mainly.

i know i should just talk to an accountant and i will, but i would also like some knowledge of the subjects myself

have plenty of knowledge and experience in the industry itself, just a little lost when it comes to tax and the ins and outs of it

Hi mate,

VAT is farily straighforward. There are a number of relifs available too.

If you wish, PM me with some background / basic information and we will take it from there.

Revenue VAT Guide is ok but not that usful for practical issues.

Cheers

CL

Mr. Incognito

I think in this situation you should speak to a professional as the business will need to be audited to ensure no outstanding liabilities.

A training course is no substitution for three years training + as a professional qualification and it fact if could hinder you if you are standing over your accountants shoulder and not letting him get on with his job. A little bit of knowledge can be dangerous if it leads to a dispute.

I would advise you to be careful responding to PM's here as you have no way of varifying people's qualifications or lack thereof over the net and Boards will take no responsibility for any reliance you put on annonymous posters on the net.

kryogen

thanks for the replies guys!