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Registering with Revenue?

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  • 16-05-2011 6:45pm
    #1
    asih
    Registered Users Posts: 15 ✭


    Hi, I am setting up a new business providing a service- I am trading under my own name (as a sole trader). I was wondering if there is a cost involved in registering with revenue? also, I will prob have more outgoings that income for the first year- what happens if i make a loss at the end of the year- is there a minimum amount of tax that i would have to pay anyway?
    thanks in advance for any advice!
    Tagged:


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    #2
    QwertyFinger
    Closed Accounts Posts: 47 ✭QwertyFinger


    You can pay taxes but claim back.


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    #3
    Zonua
    Registered Users Posts: 143 ✭✭Zonua


    asih wrote: »
    Hi, I am setting up a new business providing a service- I am trading under my own name (as a sole trader). I was wondering if there is a cost involved in registering with revenue?
    No, there's no cost to register with Revenue. They want to make it as easy as possible to get money from you.
    asih wrote: »
    also, I will prob have more outgoings that income for the first year- what happens if i make a loss at the end of the year- is there a minimum amount of tax that i would have to pay anyway?
    Yes, you would then have to pay the health levy at 2% of your income. Also PRSI at 3% of your income.
    Disclaimer: I'm not a tax expert.


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    #4
    ssbob
    Registered Users Posts: 2,736 ✭✭✭ssbob


    asih wrote: »
    Hi, I am setting up a new business providing a service- I am trading under my own name (as a sole trader). I was wondering if there is a cost involved in registering with revenue? also, I will prob have more outgoings that income for the first year- what happens if i make a loss at the end of the year- is there a minimum amount of tax that i would have to pay anyway?
    thanks in advance for any advice!


    Minimum is €253 for the PRSI and Health Levies.(Even if you make a loss) You will have no liability this year for prelim tax however next year when you make your return you will have to pay the €253 as mentioned above.

    No cost involved in registering with the revenue but you will also have to register with the CRO which costs €20

    Please go and speak with an accoutant, initial engagement meetings are usually free and last about 1-2 hours where you will gain a lot of knowledge from your accountant, then if you are happy/not happy you can discuss a price with your accountant.


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