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Part time business

  • 21-04-2010 8:46pm
    #1
    athlone M
    Closed Accounts Posts: 87 ✭✭


    Hi all,im in full time employment and i am thinking of starting a part time business making children's furniture. Would i get a start up loan when its only part time. Should i register for vat.


Comments

  • #2
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    Probably not, at least not until you have enough sales to start worrying about reaching the VAT threshold. Ofcourse this means you can't claim back the VAT on purchases. My assumption here is since you'll probably be selling to customers direct rather than businesses, the selling price will be less since it doesn't include the VAT so your more likely to make the sale.

    If your selling to businesses / middlemen it would make sense to register for VAT as they can claim this back and you get your VAT back on expenses.


  • #3
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    Ronan is exactly right. I have a very basic diagram wheter you should register for VAT here


  • #4
    di11on
    Registered Users, Registered Users 2 Posts: 1,262 ✭✭✭di11on


    DoMyBooks wrote: »
    Ronan is exactly right. I have a very basic diagram wheter you should register for VAT here

    Nice flow chart... the engineer in me wants to align the two "no" paths at the bottom though :-)


  • #5
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    di11on wrote: »
    Nice flow chart... the engineer in me wants to align the two "no" paths at the bottom though :-)

    Funny you say it I never noticed it! Its a rough diagram to be fair a graphic designer wouldn't be impressed.

    How is toysonline doing? Well done there is a serious need for competition in the toy market in this country.


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