What happens after you Register a Company

Dublin ACE

I have been reduced to a three day week in work for the last two months. During my time off I am going door to door looking for work in my profession to do on my own time. This type of work willl not conflict with my main job and I intend to do it above board.
I have sourced professional indemnity insurance.
I will submit the VAT I collect to Revenue.

Where I need some advice is that I have developed a website to showcase what I can do, but in order to create the domain name I need to submit a Company Registration Number. I know how to do that, but I don't know what happens after registration
If I can't make the company work, is it complicated and expensive to wind up?
If the company doesn't earn anything by the end of the year do I still have to employ an accountant and submit to the revenue?

I would really appreciate any advice on this!
Thank you

Eoin

You don't need a company number; a registered business name will do for the domain. That's just €20 online through core.ie and can be done by individuals. Unless you need the extra legal protection afforded to you by having a limited company, then operating as a sole trader might be a bit easier.

Dublin ACE

Eoin,
I am new to all of this, so first of all, thank you for stopping me going down the wrong path!
I don't need the legal protection of a limited company, my professional indemnity insurance will cover me for whatever I need for now.
If I register the business name does that have any other implications for revenue purposes?

DoMyBooks

Dublin ACE wrote: »

Eoin,
I am new to all of this, so first of all, thank you for stopping me going down the wrong path!
I don't need the legal protection of a limited company, my professional indemnity insurance will cover me for whatever I need for now.
If I register the business name does that have any other implications for revenue purposes?

The business name doesn't effect your tax status with the revenue. You are still a VAT registered sole trader.

Dublin ACE

Thank you for the advice, I am going to go down the route of sole trader and submit the VAT that I earn periodically at first as i will not be earning over the threshold within the first year at least.
I am still curious about the following questions and would appreciate any thoughts on them,

• If I can't make the company work, do I have to un-register the business name? Is it complicated and expensive to do?
• If the company doesn't earn anything by the end of the year do I still have to contact the revenue with regard to VAT and tell them that it didn't earn anything?

I'm trying to pro-actively look for work, but I don't want it to end up costing me a bundle if it doesn't work out.
Thanks

Buford T Justice

My advice is to firstly check out www.cro.ie in regards to registering a business name. You can do it online, and just send off the signed form with the €20

Secondly, I would recommend getting on to your local enterprise board about taking a start your own business course. I'm starting one today, so should be worth the effort.