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Contract Work : Setting up business help

  • 30-06-2010 12:12pm
    #1
    dionsiseire
    Registered Users, Registered Users 2 Posts: 3,182 ✭✭✭


    Hey Guys

    i was directed towards this forum

    i was wondering, if i was to take a contract work placing, i hear i'll have to set up my own business in my name or some name and file taxes for my work for the year.

    What i want to know is, what costs and setup would be involved. Obviously i need to register with CRO, but what type of business, will i need to hire an accountant or use an umbrella company to do the business side of things for me.

    Being a company and working contract are there any benefits to it, claiming VAT for items that would help with the business i.e. laptop, software etc.

    Any help and direction much appreciated


Comments

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


    From a cost point of view its much simpler to register as a sole trader and pay taxes as a sole trader. Unfortunately some companies insist their contractors register as Limited Companies which will increase your accountancy costs by a factor of 3.

    I would suggest speaking to an accountant before you get into anything. If you would like to do research yourself revenue have a good guide.

    www.revenue.ie/en/tax/it/leaflets/it48.pdf


  • #3
    dionsiseire
    Registered Users, Registered Users 2 Posts: 3,182 ✭✭✭dionsiseire


    much obliged, will give that a read now


  • #4
    Best Price Accessories
    Closed Accounts Posts: 35 ✭Best Price Accessories


    I used to do contract work by way of a limited company - you simply pay €199 to Kearney Curran (google them and you'll find the relevant form) who'll set up the company for you on the CRO. Depending on your likely turnover (greater than 75k), you might need to be VAT registered.
    Accountancy fees should be low enough if you aren't incurring a lot of expenses etc - i think mine were about 1k a year but I did the VAT returns myself which were straightforward.


  • #5
    eclectichoney
    Closed Accounts Posts: 4,291 ✭✭✭eclectichoney


    Surely you can set it up yourself directly? From looking at the CRO site, I think it would be €50 to do it electronically?
    http://www.cro.ie/ena/business-registration-required-steps.aspx

    OP - I am in a similar situation myself. Essentially looking to set up as a company or sole trader so that I can work as a contractor. Ideally from my research thus far I would go for the sole trader option if it is at all possible for me, as it seems more straight forward, but as Do My Books pointed out I am concerned with the issue that some companies (and State bodies as is the case in my own instance) may only want to contract to another company rather than to a sole trader :( This complicates things!


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