Setting Up a Very Small Part-time Business

ronan45

Hi All, I used to work for an electrical company that have since closed. The very Odd time ill get a call for a small service or parts from old customers. (Its Very Niche) I would expect to earn max of Euro 2500 per year from it Gross per year. I want to be able to give these clients an invoice with vat as some of them ask for same. As far as my research on the net I should set up as a sole trader, and register for vat? For such a small amount is it neccesary to set up as a sole trader and register for vat? I will buy in about Euro 400 worth of parts from USA per year also. Is it worth all the hassle for such a small return? The profit out of the Euro 2500 would be about 1500 euro

nice1franko

You don't need to reg for vat if your income from sale of goods will be less than about 75k. See here for more info: http://www.revenue.ie/en/tax/vat/registration/index.html#reg2

I think you will need to register as a sole trader though.

Nokia08

I Think you'd write if off as more of a "Hobby" business rather then anything else, I think if they are over 10k a year you've to reg for sole trader.

ted1

hmmm, your insurance would probably cost you more than 2k a year...