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New Company but not trading?

  • 02-02-2011 4:37pm
    #1
    Hannibal6.0
    Registered Users, Registered Users 2 Posts: 134 ✭✭


    I have recently set up a new company, registered on cro as a private limited company, registered the business name and have also bought web domains. As I am still in full time education I do not plan to begin trading untill I finish next October, so my question is what should or do I do now. Should I register for VAT and corporation tax now or nearer the time. As exciting as setting up a new business is, it also appears to be quiet daunting with creating a decent start up for yourself.

    Any advice on what I should do next and when would really be greatly appreciated??


Comments

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


    Hi Hanibal

    First of all you need to make sure that you complete the company's first annual return on time. This is due 6 months after incorporation.

    You are required to register for corporation tax with the revenue within 30 days of incorporation. But if you are not going to trade until October I would leave off registering for VAT until then. You do not have to register for VAT unless your turnover is 37.5k for services or 75k for goods. It may or may not suit you to register voluntarily.

    Good luck with the new business.

    Kind Regards

    dbran


  • #3
    Hannibal6.0
    Registered Users, Registered Users 2 Posts: 134 ✭✭Hannibal6.0


    dbran wrote: »


    You are required to register for corporation tax with the revenue within 30 days of incorporation.
    Thanks for your reply I was aware of the six month return but not of the corporation tax requirement, so with your suggestion should I fill out the TR2 Form and just not apply for VAT on it and send it into revenue even though I am not trading until October or can I wait and apply for them all together?


  • #4
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Yes

    Just fill in tr2 form and only apply for a corporation tax number.

    If you have any other questions feel free to Pm me.

    Kind Regards


    dbran


  • #5
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    Hi Hannibal,

    Your timing is quite good, obviously keep your revenue stuff incheck as Dbran has shown you. Then start building your team now, meet with every college lecturer, even if they aren't you and pick their brains. Try to leave the door open so you can call or email them after your finished, maybe ask a few to be on your board of advisers. Select your accountants, lawyers etc now, even though you won't need them much for later. In this economy everyone loves the idea of a out of college person keen to take on the world so use it to your advantage.

    R


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