Registering awith CRO

steps_3314

Hi All

Not sure if this is already covered but heres the deal.

I want to register a company name/business with the CRO.

Can you do this if you are already working and are not planning to implement the business in the near future.

I dont plan on leaving my job anytime soon but would like to register the name as i do part time work on the side.

Are there any legal issues which could affect work etc.

Hope this doesnt sound daft.

Cheers

S

DoMyBooks

You can register the business name and register yourself as a sole trader while still working. As long as your employer is Ok with this theres absolutely nothing wrong with it.

In fact there's an advantage in that if your part time work makes a tax loss you may be entitled to a refund for income tax paid.

In relation to registering a company thats still perfectly ok but its more complex in terms of set up and administration. Unless you need the protection of a Ltd company or are earning more than you need to live on its generally not worth it.



I hope this helps

steps_3314

DoMyBooks wrote: »

You can register the business name and register yourself as a sole trader while still working. As long as your employer is Ok with this theres absolutely nothing wrong with it.

In fact there's an advantage in that if your part time work makes a tax loss you may be entitled to a refund for income tax paid.

In relation to registering a company thats still perfectly ok but its more complex in terms of set up and administration. Unless you need the protection of a Ltd company or are earning more than you need to live on its generally not worth it.



I hope this helps

Great response..thanks.

Are they limits on what you can earn part time before paying tax or do you pay tax on everything.

I dont think i need to register a company going on what you said.

Just the Business name for now and register as a sole trader.

DoMyBooks

Because you are likely to be using up all your tax credits in your PAYE employment you will PAY tax on all of your tax adjusted profits. But be clear on the difference between profits and income. You can subtract tax deductible expenses from your income.

You can go on www.revenue.ie and research this or hire an accountant/ Tax advisor. For a small sole trader the cost should be minimal.

billybunty

Hi - I recently registered a business name as a sole trader. Log onto CRO and then on the left you see CORE - register yourself there and you then get access to it. Then once registered, log in, go to menu on left and File a Form - file as individual, fill in the details, print out, sign and send off to CRO with EURO 20. Thats the logistical side of registering it. The other posters have answered you queries re the tax side of it. Hope this helps.