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Freelance to legitimate company

  • 22-12-2010 10:35am
    #1
    Macers
    Registered Users, Registered Users 2 Posts: 512 ✭✭✭


    Hi all,

    I have been doing freelance work for a number of years. Through word of mouth I have gotten more and more work and now wish to go legitimate with it.

    I have registered a business name. I understand that if you don't earn over €37,500 a year from it you will not be liable for VAT...does this mean I do not need to register anything further as I will definitley not earn anything near that?

    Just to clarify also that all previous was done for cash in hand - no more than €2,000 a year. Would I need to enlist an accountant also etc?

    Sorry if its an obvious question - I did a quick search and nothing seemed to answer this...


Comments

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


    Hi Macers

    You will need to register for income tax as you appear to be running a business. This will entail filing a tax return (Form 11) every october and paying over the Income tax due at that time.

    You need to decide if it is in your interest to register for VAT anyway even though you may be under the threshold for registration. This may be the case if you are B2b.

    You should also regularise the rest of your tax affairs by returning the undeclared income also.

    Kind Regards


    dbran


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