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All I need is a VAT Number. - Sole Trader or Limited?

  • 15-04-2010 6:40pm
    #1
    Niamh.W
    Closed Accounts Posts: 7 ✭


    Hi there,

    My boyfriend and I, we’ve been active on eBay for a while now.
    Lately we started looking into wholesale and drop shopping. There are several companies that sell items in bulk or drop ship them directly to our customers, but most of them ask for
    - a VAT Number
    - certificate of registration for value added tax
    - certificate of incorporation of a private company.

    So I did some research on CRO.ie about it. But I still have loads of questions.
    We don’t want make it complicated, we would like to keep it as easy as possible.

    We see that there are different kinds of Limited companies, Sole Trader and different things.

    What is the easiest and most straightforward way to get the 3 things mentioned above?

    If I see this correctly, we first would need to choose what kind of Company we would like to register as.
    Then we would need to actually register.
    Then we would need to come up with a name and register a business name.
    After we have al the documents, we can apply for a VAT Number over at revenue.ie

    Correct?


    Cheers
    Niamh


Comments

  • #2
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    You should be careful Niamh from what you say above you are already trading and not registered with the revenue.
    The simplest way to register a business is a sole trader. To do this you fill in a TR1 but t I suggest you be careful if you register for VAT you are obliged to charge VAT on any VAT'able goods you sell. This may effect your margins.

    Selling goods you don't legally have to register for VAT if your turnover is under €70,000

    I would suggest you speak to an accountant or do some reading up on this before you decide to VAT register. But if you are trading register as a sole trader asap.

    Hope this helps.


  • #3
    Niamh.W
    Closed Accounts Posts: 7 ✭Niamh.W


    Don't worry, it's all off shore ;) As in, my friend is Swiss, we're buying and selling on the Swiss eBay site, using his Swiss Bank account. And on top of that he has a registered one man company in Switzerland, not sure what the equivalent would be here in Ireland for that kind of company. But he doesn't have a VAT either, since you can only apply for that when you have an income of over CHF 50'000, he said. Anyways, that doesn't really matter, cause Switzerland is not in the EU, and we're here in Ireland and we need an Irish VAT.

    Thanks a lot for the Information, but an accountant... that already sounds too serious and complicated to be honest, since we are planning on making maybe 200-300 EUR a month or something like that. Nevertheless, we still need an Irish VAT Number to sign up at Companies like Pixmania Pro etc.
    Of course if it should get serious where we make several 1000 EUR a month, we'd get an accountant.


  • #4
    stapolinhosting
    Registered Users, Registered Users 2 Posts: 350 ✭✭stapolinhosting


    Hi Niamh,

    I just wanted to jump in here a little cause I have been selling using drop-shippers too. Mainly UK drop-shippers cause their aint none here in Ireland.... (oh, i think i see a business idea! lol) anyway, I am registered with pixmania pro and to be honest, after all the fees and shipping etc there is not a huge amount of profit in them.

    What I find works best is finding a good supplier in China (depending on what you want to sell) and buying small bulk. A good one I used to use a good bit is chinavasion.com or you could check out dhgate for good sources.

    I know a good lot of the UK drop-shippers from working with them and can probably point you to some that don't ask for your life history before signing up to them.

    If I can help in any way just let me know by replying here or pm.


  • #5
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi Niamh

    Domybooks is right!!!

    Just because you are carrying out the business "offshore" does not mean that you are not liable to Irish Income tax.

    If you are resident and domiciled in Ireland you are liable to tax on all world wide income where ever it is earned.


    Kind Regards


    David Branigan


  • #6
    Niamh.W
    Closed Accounts Posts: 7 ✭Niamh.W


    dbran wrote: »
    Hi Niamh

    Domybooks is right!!!

    Just because you are carrying out the business "offshore" does not mean that you are not liable to Irish Income tax.

    If you are resident and domiciled in Ireland you are liable to tax on all world wide income where ever it is earned.


    Kind Regards


    David Branigan

    Everything he earns in Switzerland, is taxed there and he's a resident of Switzerland. Just because he has 2 homes doesn't mean he needs to pay tax in every country he has an apartment in ;) Trust me, we've been over this, and everything is totally legal.

    To stapolinhosting, thanks for the information. I will send you a PM.


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