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Student: Starting a Business - Query

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  • 04-12-2014 10:19pm
    #1
    CarrigView
    Registered Users Posts: 11 ✭


    Hello,

    As the above states I am a student currently thinking about starting an online business. The business would involve the retail of clothes.

    My main concerns are in regards to taxation and the formation of a company. I will continue to be a student for the next 3 years. I may in the summer months take up full time employment. I want to run the business on a side basis.

    Everything will be sold from the website.

    What tax must I pay? Can I sell online and be full time in full time employment or education at the same time? Are there limits to which I can earn without crossing over into other tax areas? Would I have to register as a Sole Trader?

    Any information general or in detail, in regards to my situation is very much appreciated!

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


    CarrigView wrote: »
    Hello,

    As the above states I am a student currently thinking about starting an online business. The business would involve the retail of clothes.

    My main concerns are in regards to taxation and the formation of a company. I will continue to be a student for the next 3 years. I may in the summer months take up full time employment. I want to run the business on a side basis.

    Everything will be sold from the website.

    What tax must I pay? Can I sell online and be full time in full time employment or education at the same time? Are there limits to which I can earn without crossing over into other tax areas? Would I have to register as a Sole Trader?

    Any information general or in detail, in regards to my situation is very much appreciated!

    Thanks

    You'll have to file a tax return and include the additional income you make from the side business. You will need to register for vat if you reach 75k+ a year but thats a hell of a lot for a parttime website. Starting a retail site is bloody hard ours is going since last february and we spend best part of a grand a month on seo & adwords and its only breaking even now. There is no problem registering as a sole trader.


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    #3
    tacofries
    Registered Users Posts: 854 ✭✭✭tacofries


    There's no need to form a company. If you set up as a sole trader you will not have to fill in anywhere near as much paperwork and wont be committed to any annual legalities/obligations such as having your books audited or file a return (which you will have to do if you are a company!).


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