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Sole Trader advice

  • 02-01-2014 1:41pm
    #1
    JohnnyBoy12
    Registered Users, Registered Users 2 Posts: 5 ✭


    Hi there, I am starting up a motorcycle repair garage, I am starting off small due to not having the funds to start big, I am starting off as a sole trader, at the beginning I will be operating purely on my savings so won't be taking a wage, but hopefully I can get a start and eventually pay myself a wage, can anyone tell me what's involved in paying myself a wage, taxes and the likes? Thanks for any help


Comments

  • #2
    jimmii
    Registered Users, Registered Users 2 Posts: 14,810 ✭✭✭✭jimmii


    Just gone through the filing process myself the first time and its a lot more straight forward than I expected just make sure to stay on top of all your accounting throughout the year so you're not having to play catch up when returns are due. Do you have any relevant background? I would suggest doing a start your own business course as that will answer a lot of the questions you will have.

    There is loads of handy information on the Citizens Information website well worth having a read through.

    http://www.citizensinformation.ie/en/employment/types_of_employment/self_employment/setting_up_a_business_in_ireland.html


  • #3
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,830 ✭✭✭Gloomtastic!


    JohnnyBoy12 wrote: »
    Hi there, I am starting up a motorcycle repair garage, I am starting off small due to not having the funds to start big, I am starting off as a sole trader, at the beginning I will be operating purely on my savings so won't be taking a wage, but hopefully I can get a start and eventually pay myself a wage, can anyone tell me what's involved in paying myself a wage, taxes and the likes? Thanks for any help

    As a sole trader your profit after business expenses is your salary and what you are taxed on. So if you turnover €100k per year and have business expenses of €25k. 100k-25k=75k profit/wage.

    You will be told here by other posters to get an accountant, I'd advise you to talk to several because they are all different in their understanding and interpretation of the tax laws!

    Good luck to you!


  • #4
    celica00
    Registered Users, Registered Users 2 Posts: 880 ✭✭✭celica00


    I have a question too here, who would I contact first if I want to start as a Sole Trader?

    I was reading through many sites with helpful information but cant find where to actually go first?
    And when would it be best to register a business name? After I'm offically a Sole Trader or before?


  • #5
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    1. register your business name see http://www.cro.ie/ena/registering-a-business-name-online-5.aspx
    2. register with revenue see http://www.revenue.ie/en/business/running/registering-tax.html#section3

    You are ready to start!


  • #6
    celica00
    Registered Users, Registered Users 2 Posts: 880 ✭✭✭celica00


    thank you so much :)


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  • #7
    Jessi_Evans
    Registered Users, Registered Users 2 Posts: 24 ✭Jessi_Evans


    just make sure you get marketing right everything else in business is secondary. You nail the marketing part and you will thrive, screw it and you will be out of business before the next sunset. Its a harsh reality I know but just trying to give a helpful advise. Good luck


  • #8
    .jacksparrow.
    Closed Accounts Posts: 5,428 ✭✭✭.jacksparrow.


    Why sole trader?

    If it goes wrong they can repossess your home, but if limited they can't.


  • #9
    jimmii
    Registered Users, Registered Users 2 Posts: 14,810 ✭✭✭✭jimmii


    You would normally go sole trader as there would be little risk of that happening as you are unlikely to run up any debts and of course the simpler returns etc. If you have debts that are going to risk your house then going sole trader certainly seems like a bad idea.


  • #10
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    jimmii wrote: »
    You would normally go sole trader as there would be little risk of that happening as you are unlikely to run up any debts and of course the simpler returns etc. If you have debts that are going to risk your house then going sole trader certainly seems like a bad idea.

    The risk that comes to mind is Public Liability. You're unlikely to run up enough trading debts to endanger your home, but make sure you have insurance covering you if you have Joe Public visiting your premises. One fall/ claim and you could be in trouble as a sole trader.


  • #11
    jimmii
    Registered Users, Registered Users 2 Posts: 14,810 ✭✭✭✭jimmii


    smcgiff wrote: »
    The risk that comes to mind is Public Liability. You're unlikely to run up enough trading debts to endanger your home, but make sure you have insurance covering you if you have Joe Public visiting your premises. One fall/ claim and you could be in trouble as a sole trader.

    You would certainly hope no one would open up without sufficient cover that really would be crazy! When we opened up the agent checked the insurance on the second day I would have thought that was standard practice with agent let places.


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