Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Advice to set up an online business?

  • 26-12-2011 6:30pm
    #1
    maschera
    Closed Accounts Posts: 13 ✭


    Hi all and Merry Christmas!

    I decided to step out from 9-5 and am considering to set up an ecommerce website soon.

    I'm clear on the legal identity I will chose (Sole Trader) but have some doubts:

    - Is it okay for Revenue if I sell from home?
    - Do I need to release receipts for products I sell? Is a Paypal invoice enough?
    - Is the 31st October income tax return the only legal duty I need to carry out (I won't register for VAT at this stage)?

    Finally, do you know any freelancer advisor or accountant in Dublin who can help me with these matters?

    Many thanks for your help,
    Maschera


Comments

  • #2
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    Well done for going for it. Make sure you go with an Irish host and developer. :)

    Yes it's ok to sell from home, but you need to be sure you don't get caught for council rates. There are exceptions for small businesses these days, but do your research before you start.

    You should provide receipts, and Paypal receipts should be fine at the outset, but as you grow you should be looking at building business intelligence into your system for your own benefit, either via off-the-shelf software like Magento or custom code. Your accountant will thank you for it and the less paperwork you have to hand them, the less you'll have to pay them. Plus of course you'll have better stats for yourself.

    From a Revenue point of view, yes, your income tax return is your primary requirement, but there may be other regulatory requirements depending on the products you're selling, where you're selling to, etc. Again, do your research early.

    HTH,
    Adam


  • #3
    maschera
    Closed Accounts Posts: 13 ✭maschera


    Hi Adam,

    Many thanks for your help and advice. My host and developer will be Irish indeed, we need to support this beautiful country ;)

    How much do you think I'm roughly going to pay for my accountant? Is €1500 going to be enough?


  • #4
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    The amount your accountant charges generally depends on how much work they have to do -- the more you do, the less they have to do. As a sole trader, you can actually cut this to €0 as you don't need audited accounts, although you'd need to think carefully about this before you do it. Generally speaking though, unless you will have large trading levels or a complex tax setup, €1500 should be more than enough.


  • #5
    maschera
    Closed Accounts Posts: 13 ✭maschera


    Thanks again and have a great 2012!


Advertisement