starting a really small business?

gymaster

hi,

Just wondering do I legally have to do anything to start a small business?

What it is is buying for a price and selling at a profit. Items such as DVDs, games, software etc..... i am the only person working for the business AND i OWN THE BUSINESS AS SUCH

I would only plan to make about €100 a month so annual profit would only be about €1000.

I have a company name etc that i have already printed on a flyer and have a domain also with the name but the question i want to no is:

do i have to do anyhting involving tax etc?
do i have to register my business/business name?
AND ANYTHING ELSE I SHOULD BE DOING?

REALLY ITS JUST A SMALL BUSINESS TO KEEP ME GOING FOR A FEW DAYS TOO HAVE A BIT MORE DISCRETIONARY CASH!

THANKS.

PCPhoto

it makes life easier if you are registered - so if you manage to expand in the future you shouldn't need to do much and will have an established name up and running.

doesnt cost much to register a business and will allow you to create an online
presence.

gymaster

BUT REGISTERING IS NOT LEGALLY REQUIRED? SO I CAN JUST SET UP AND SELL WITHOUT ANY WORRYS?

DEFINATELY WOULD NEVER BE EXPANDING

DubTony

You're right. You don't need to register anything with anyone. Go buy your stuff, and then sell your stuff. Easy-peasy.

John368

Nope you do not have to do anything at all. If you earn profit from your business, then you will be liable for income tax, on that profit at the same rates as the income you get from a salaried job.

There is no magic to it. Profit is just income minus expenses. The expenses which are solely to do with your business is quite straightforward to calculate, like stock and packaging etc. If it is just a home business, you will probably be able to claim a certain amount of your home expenses like heat and electricity and computer costs etc as business expenses. If you have any doubts then see an accountant.

John

dbran

Hi

If you are a PAYE worker and the income is going to be very small (only as a small bit of additional money for yourself) you will have to return the extra income from the business on Form 12 every year and pay over any income tax due.

Hope this helps

dbran

dollydishmop

gymaster wrote: »

hi,

Just wondering do I legally have to do anything to start a small business?

I have a company name etc that i have already printed on a flyer and have a domain also with the name but the question i want to no is:

do i have to do anyhting involving tax etc?
do i have to register my business/business name?
AND ANYTHING ELSE I SHOULD BE DOING?

John368 wrote: »

Nope you do not have to do anything at all.

gymaster wrote: »

BUT REGISTERING IS NOT LEGALLY REQUIRED? SO I CAN JUST SET UP AND SELL WITHOUT ANY WORRYS?

DubTony wrote: »

You're right. You don't need to register anything with anyone. Go buy your stuff, and then sell your stuff. Easy-peasy.

Erm...I'm in the process of going through this at the moment, and I think the advice you've been given is incorrect.

Unless your 'business' name is exactly the same as your given name, then I believe you *DO* have to register it.

This taken from the CRO website

registration of a business name is required if:

* an individual uses a business name which differs in any way from his/her true surname. It makes no difference whether the individuals first name or initials are added. So registration is required if, for example, Mr. John Murphy traded as Murphy Builders but not if he traded as Murphy or John Murphy)

As far as I can see it costs €40 for paper filing, e.g through the post, or €20 if you do it online

And it should be done within one month of adopting the business name.

Happy to be corrected if I'm wrong

helenaoneill

Hi.
If you're trading as a sole trader you need to be registered with Revenue. You can do this using the TR1 form on their site (revenue.ie). This just lets them know that you're trading and will be making tax returns (even if there's a loss) in the future.

If you're using a business name that is anything other than your own name, by itself, in full, you need to register this with the CRO (Companies Registration Office at cro.ie) using the RBN1 form. It takes about 10 working days to get the certificate that then gives you permission to use the name. This certificate will also be needed by a bank if you decide to open a business account.

If you're unemployed you can usually get help with the forms from an enterprise office at your local Partnership company. If not, a good bookkeeper / accountant / or the tax office themselves will help.

Good luck.

Cc87cc

Old post but I'll jump on

So what happens if you turn over say 800 euro a year....on a small business I am fully employed... but see a opportunity to have a seasonal summer business.

mickdw

Return it on form 12 I'd imagine

dave3t

Sure! Here’s the revised response:

Starting a small business, even one that generates modest income, does come with some legal considerations. Here’s a general outline of what you may need to do:

1. Business Registration: Depending on your location, you may need to register your business name. If you’re operating under a name that isn’t your own, you’ll likely need to register a "Doing Business As" (DBA) name.
2. Tax Obligations: Even if you’re only making a small profit, you may need to report this income on your tax return. Check with your local tax authority to understand the requirements, as you might need to file as a sole proprietor.
3. Sales Tax: If you’re selling goods, you might need to collect sales tax from customers, depending on your local regulations. Make sure to register for a sales tax permit if required.
4. Licenses and Permits: While many small businesses don’t need specific licenses, it's a good idea to check local laws to ensure you comply with any regulations.
5. Keep Records: Maintain detailed records of your sales and expenses. This will help you with tax filing and managing your finances.

For detailed information specific to your situation, consider checking resources and for guidance on starting your small business.

If you have more specific questions or need assistance with a particular aspect, feel free to ask!

dave3t

Starting a small business, even on a small scale, involves a few legal considerations. Here’s what you should be aware of:

1. Business Registration: Depending on your location, you may need to register your business name, especially if it differs from your personal name. This could involve registering a "Doing Business As" (DBA) name.
2. Tax Obligations: You will likely need to report any income you earn, even if it’s just €100 a month. Check with your local tax authority about the specific requirements for sole proprietors and whether you need to file a tax return.
3. Sales Tax: If you’re selling goods, you may be required to collect sales tax from customers. This varies by jurisdiction, so make sure to understand the rules in your area.
4. Licenses and Permits: While many small businesses don’t require specific licenses, it’s worth checking local regulations to ensure compliance.
5. Keep Records: Maintain accurate records of your sales and expenses. This will help with tax filings and give you a clear picture of your business finances.
6. Bank Account: Consider opening a separate bank account for your business to help manage finances more easily and maintain clarity between personal and business transactions.

If you have more specific questions or need assistance based on your location, it might be beneficial to consult a local business advisor or accountant.

ELM327

Thanks Chat GPT Dave, but that's US based advice

Gloomtastic!

https://www.boards.ie/discussion/comment/122752154#Comment_122752154

😂😂😂