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Sole trader advantages

  • 17-02-2012 9:49pm
    #1
    Sean5690
    Registered Users, Registered Users 2 Posts: 4 ✭


    Im looking to set up a small business that sells goods. I looked into becoming a sole trader and it seems easy enough but what are the main advantages for me. Can I claim tax back on goods i buy. I just cant see any reason to going to the bother of registering as a sole trader so any info would be appreciated...


Comments

  • #2
    smeharg
    Registered Users, Registered Users 2 Posts: 300 ✭✭smeharg


    Sean5690 wrote: »
    Im looking to set up a small business that sells goods. I looked into becoming a sole trader and it seems easy enough but what are the main advantages for me. Can I claim tax back on goods i buy. I just cant see any reason to going to the bother of registering as a sole trader so any info would be appreciated...

    You've 2 options:
    Operate as a sole-trader;or
    Operate as a limited company.

    You can start straight away as a sole-trader with little or no fuss. You may need to register your business name and you'll need to tell Revenue that you are self employed.

    Setting up a limited company is more complicated, takes longer, and costs more.

    As a sole-trader you'll pay tax on your business profits. Your profit is calculated by deducting your business expenses from your profits. There are some expenses that you can't deduct, though.

    A company pays tax on its profits in much the same way, and you pay tax on any money the company pays you.

    If the business's total sales exceed €70k in any year it must register for VAT.

    This is a VERY simple overview of some of the issues involved in starting a business. You should seek professional advice.


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