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Registration of online business

  • 14-04-2011 1:24am
    #1
    Z Brannigan
    Closed Accounts Posts: 74 ✭✭


    Hi all,

    I hope somebody can help me here.

    I'm currently running a small business as a mixer via facebook - basically I do up a small amount of promotional stuff for bands (t-shirts, badges etc..) I only take in very little profit a week, maybe €30 or €40.

    My question is, do I need to register as a business properly or sole trader or what?

    (I've tried reading up on the CRO site but I don't understand alot of the terminology)

    Also, what would happen if the CRO found out I was running a business without license? Is there a fine etc and could I be done for trading before registereing when I do register?

    I also work and I'm wondering if my tax etc would be affected by registering?

    Any responses would be much appreciated.

    Thanks!


Comments

  • #2
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    Z Brannigan wrote: »
    Hi all,

    I hope somebody can help me here.

    I'm currently running a small business as a mixer via facebook - basically I do up a small amount of promotional stuff for bands (t-shirts, badges etc..) I only take in very little profit a week, maybe €30 or €40.

    My question is, do I need to register as a business properly or sole trader or what?

    (I've tried reading up on the CRO site but I don't understand alot of the terminology)

    Also, what would happen if the CRO found out I was running a business without license? Is there a fine etc and could I be done for trading before registereing when I do register?

    I also work and I'm wondering if my tax etc would be affected by registering?

    Any responses would be much appreciated.

    Thanks!


    Hi Z Brannigan,

    It would be more tax beneficial for you to register, but there is a way where you can just fill out an end of year tax return and pay tax on the difference.

    I would advise you to register as a sole trader with the CRO, costs €20, then fill in a form TR1 to register as a sole trader with Revenue.

    Keep track of your revenue, and keep track of your costs and at year end submit your Form 11 through the revenue online service, becase you are only setting up your business, you are likely to have alot of initial start up costs,(computer etc) therefore it is likely you will be in a tax refund position by the end of the year.

    Let me know if this helps.

    Bob


  • #3
    Z Brannigan
    Closed Accounts Posts: 74 ✭✭Z Brannigan


    ssbob wrote: »
    Hi Z Brannigan,

    It would be more tax beneficial for you to register, but there is a way where you can just fill out an end of year tax return and pay tax on the difference.

    I would advise you to register as a sole trader with the CRO, costs €20, then fill in a form TR1 to register as a sole trader with Revenue.

    Keep track of your revenue, and keep track of your costs and at year end submit your Form 11 through the revenue online service, becase you are only setting up your business, you are likely to have alot of initial start up costs,(computer etc) therefore it is likely you will be in a tax refund position by the end of the year.

    Let me know if this helps.

    Bob

    Hi Bob,

    That helps alot!

    Thanks!


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