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

Starting as Sole Trader

  • 06-12-2013 7:48pm
    #1
    Adventure Pout
    Registered Users, Registered Users 2 Posts: 155 ✭✭


    Hi all,
    I need some help and advices as am completely confused..
    I want to start up as a sole trader and have registered my business name in CRO this week.
    However, in term of tax, what and when should I register? I want to start trading from Jan 2014 but at the moment I have no idea of how much my turnover/profit will be..
    My understanding is you get exempt for 2years, so I will be paying end of 2016 if I start in 2014. Is it correct?
    Also, because I want to use a tax exempt when doing further training, buying materials/equipment etc.. How does it work? For that, I believe I need to register for tax, right?
    Also which business bank account will you recommend to open?
    I have tons of questions, and hope you can advise..
    Thanks


Comments

  • #2
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Get an accountant. Do not get a business bank account unless you feel like throwing e500 per year away, just open second personal account for trading.


  • #3
    amtc
    Registered Users, Registered Users 2 Posts: 2,490 ✭✭✭amtc


    First things first - you need to register on a TR1 for tax. Your first tax will be due in September 2015.

    Depending on your turnover you may need to register for VAT but you can do that any time before you hit t/o of 37.5k (when it becomes mandatory)

    Get yourself an accountant. Unless complex isn't that much. I'm paying €450.

    If you have a local Community Enterprise Board they do a Start Up your own Business course for a €5 which includes 30 minutes with an accountant on your own.

    AIB's Start-Up Business Account has no fees. As soon as you get your CRO form you can open one up. Don't use a personal account as a sole trader.


  • #4
    Adventure Pout
    Registered Users, Registered Users 2 Posts: 155 ✭✭Adventure Pout


    Thanks for the advice.. Yeah I saw online for the Tr1 form but not sure if this was the form..
    Just if I have no idea how much I can make, and "suppose" my biz not working as plan (this is something I really do not want to happen), I dont want to endup paying tons of tax..
    I'll see if i can talk to an accountant...


  • #5
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    amtc wrote: »
    AIB's Start-Up Business Account has no fees.

    Not telling the full truth, it has free fees for 2 years. After that there are loads of fees for everything. Better than BoI I suppose anyway...


  • #6
    emeldc
    Registered Users, Registered Users 2 Posts: 2,598 ✭✭✭emeldc


    srsly78 wrote: »
    Get an accountant. Do not get a business bank account unless you feel like throwing e500 per year away, just open second personal account for trading.

    The problem with that is they wont allow you lodge cheques made out in a trade name to a personal account.


  • Advertisement
  • #7
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    That is correct, there are some reasons why you might need a business account. Another reason is for a merchant like a shop with many small transactions. However these reasons do not necessarily apply to everyone. Some people even use a personal account for a limited company.

    If it's possible to avoid the expense then why not?


Advertisement