Seeting up a business whilsts in full-time employment?

kormak

Folks,

I'm giving serious consideration to a new business venture but am at the early stages.
It will be online based.
My plan is to put together a business plan, speak with the County Enterprise board, build whatever prototypes I need and effectively tease it out bit by bit.

However, I'm currently in full-time employment and wish to remain so, whilsts (if) this business venture gains momentum.
What are the logistics around staying in full-time employement whilsts setting up a business, registering as a sole trader, registering with CRO, etc...
I don't plan to tell my employers any details but if trading begins on my new product, I would obviously then look at resigning my current position.
Appreciate any help or guidance on this.

Frank McGivney

To set up a business with the revenue you just need to till in form trs1 which you can get from the revenue site. You then have to do an income tax return each year by 31 October for the previous years income (combining your sole trader income and your p60 income etc). (of course you may have to register for vat if your sales go very high). there's also a chance you may have to register for vat in another eu country if you are selling abroad via internet but that a more detailed matter.
For Companies Reg Office you just fill out a form to register the business name and you pay a fee and that it , they will send you a certificate.
Your current employer need never know anything,
But if you make a profit remember it will all be taxed because you most likely using your tax credits up in your current employment (this is where a company structure might be a tax efficient option but again that needs a detailed analysis i would think of your potential sales etc and your business objectives and mindset)