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Help on this matter

babsfox · 2011-10-18 17:13:39

Hi I am a 17 year old 5th year student who has thought of an idea in how to make money.I want to know how I should go about this while continuing my normal routine.I have sourced quality made Balls from Pakistan and intend to sell them off to school,clubs etc...I want to know whether or not I am required to set up as a…

18-10-2011 5:13pm

#1

babsfox

Registered Users, Registered Users 2 Posts: 5 ✭

Join Date: December 2010

Posts: 3

Hi
I am a 17 year old 5th year student who has thought of an idea in how to make money.I want to know how I should go about this while continuing my normal routine.I have sourced quality made Balls from Pakistan and intend to sell them off to school,clubs etc...I want to know whether or not I am required to set up as a business or something and whether VAT will aplly to the balls

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Comments

#2 18-10-2011 6:51pm

jamiecoins

Registered Users, Registered Users 2 Posts: 638 ✭✭✭

Join Date: September 2010

Posts: 504

babsfox wrote: »

Hi
I am a 17 year old 5th year student who has thought of an idea in how to make money.I want to know how I should go about this while continuing my normal routine.I have sourced quality made Balls from Pakistan and intend to sell them off to school,clubs etc...I want to know whether or not I am required to set up as a business or something and whether VAT will aplly to the balls

im sure some others can help on the vat issues
but when importing your liable for any duty that may have to be paid on the items , so you might incurr this and your profit margin is lowered straight away have you got samples ?? are they branded makes ? or copys

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#3 19-10-2011 8:59am

AndyJB

Closed Accounts Posts: 177 ✭✭

Join Date: April 2007

Posts: 171

babsfox wrote: »

Hi
I am a 17 year old 5th year student who has thought of an idea in how to make money.I want to know how I should go about this while continuing my normal routine.I have sourced quality made Balls from Pakistan and intend to sell them off to school,clubs etc...I want to know whether or not I am required to set up as a business or something and whether VAT will aplly to the balls

Good for your!

Have a look at this thread re Importing, Vat and Duty payable. Have a look at the spread sheet it'll be of some use to you.

There's no requirement for you to set up as a business, limited or otherwise. You will have to make tax returns, even if there's no profit to pay tax on. The tax returns issue is actually less complicated than you might think.

If you do decide to go ahead with the venture get a few samples and get orders in advance and ask for deposits. Don't import before getting firm orders.

On the tax and revenue issues tap your accounting teacher for help on that front. If he/she is any good they should be happy to help and encourage you. They might be a member of a sports club somewhere.

Best of luck.

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