advice on running new business as a sole trader

Stephen88

Hi folks

I got on the back to work allowance scheme in September 2013 and currently am self employed as a Painter/Decorator and trying my best to make a go of it. I dont know a lot about the tax side of it so can anyone help. Im just wondering how and when they will be looking for tax and what do i need to have in order?

Should i keep all receipts relating to business costs & what benifit will it be as im not vat registered?

I dont supply paint at moment so say if i get paid €300 for a job, how much of that should i keep for myself and the rest into business account?

When is the tax due this year and how is it calculated? I just wanna make sure il have enough to pay them.



I am not getting much work at moment but hoping it will pick up this year. If anyone can offer sound advice and as much info as you can in simple terms id appreciate it

Gloomtastic!

Stephen88 wrote: »

Hi folks

I got on the back to work allowance scheme in September 2013 and currently am self employed as a Painter/Decorator and trying my best to make a go of it. I dont know a lot about the tax side of it so can anyone help. Im just wondering how and when they will be looking for tax and what do i need to have in order?

Should i keep all receipts relating to business costs & what benifit will it be as im not vat registered?

I dont supply paint at moment so say if i get paid €300 for a job, how much of that should i keep for myself and the rest into business account?

When is the tax due this year and how is it calculated? I just wanna make sure il have enough to pay them.



I am not getting much work at moment but hoping it will pick up this year. If anyone can offer sound advice and as much info as you can in simple terms id appreciate it

You started trading in 2013 so by 31/10/2014 (or slightly later if you are filing on-line) you will need to file your first tax return and pay your tax for 2013 and an equal amount of preliminary tax for 2014.

Yes keep all receipts - mobile phone bills, petrol/diesel and all costs associated with your vehicle, paint brushes, public liability insurance. Regardless of whether you are VAT registered you can only claim costs against tax if you have a receipt/invoice.

Any money you do earn, you should try and put aside, in a seperate bank account if possible, at least 30% to pay your tax when it is due.

PM me your email address. I have a simple Excel spreadsheet you can use to keep track of all your income/costs.

You will need to employ an accountant to file your tax returns. Shop around until you have found the best value. If you use the template I am offering you and keep all your records in good order, you should be able to find one for a couple of hundred euro. You will need to look around though.....

Good luck to you!!!

seekingsolace

would you be able to PM me with the spreadsheet as well?

(cheeky ask, but there you go)

Gloomtastic!

seekingsolace wrote: »

would you be able to PM me with the spreadsheet as well?

(cheeky ask, but there you go)

No. You have to PM me your email address. If you don't ask, you don't get.

seekingsolace

many thanks for the email!! and all the advices.