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I want to set up Judo Club! please advise me

  • 24-09-2014 5:41pm
    #1
    cmat
    Registered Users, Registered Users 2 Posts: 84 ✭✭


    Hello all.
    im thinking of setting up a Judo club in the local hall with my friend but just need to know how to set up and Will i be subject to income tax and vat . we are both working full time paye. thanks.


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    cmat wrote: »
    Hello all.
    im thinking of setting up a Judo club in the local hall with my friend but just need to know how to set up and Will i be subject to income tax and vat . we are both working full time paye. thanks.

    Unless you have a turnover of over 37500 you can ignore vat. You will have to file a return with any income earned and any expenses incurred to revenue and pay income tax on the profit


  • #3
    cmat
    Registered Users, Registered Users 2 Posts: 84 ✭✭cmat


    thx Ciaran the only expenses i have are insurance and rent. what rate of income tax will i have to pay.


  • #4
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    There's a bit of entrepreneur, tax and a little accounts in this post, so I'm going to leave it here for now.


  • #5
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    cmat wrote: »
    thx Ciaran the only expenses i have are insurance and rent. what rate of income tax will i have to pay.

    Whats your other income?

    And don't underestimate your expenses!


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