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New business account?

  • 21-04-2015 7:49pm
    #1
    upinthesky
    Registered Users, Registered Users 2 Posts: 1,407 ✭✭✭


    Hi, I'm setting up a new business account and looking for any info on what cash i would be putting in, i am going to see an accountant first but just thought you guys would have an idea, it would be for end of year tax reasons, would you put all your earnings in and then deduct for costs, is there any money i can with hold from putting in?


Comments

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


    Definitely best to see an accountant as its not really that clear what you mean! For your end of year its basically sales minus costs if it's not a cost required for your business then you can't really deduct it.

    Can you give an example of a cost you aren't sure whether is a deductable or not?


  • #3
    Geniass
    Closed Accounts Posts: 643 ✭✭✭Geniass


    lisar816 wrote: »
    is there any money i can with hold from putting in?

    Social welfare (Children's allowance), gifts, winnings, PAYE income.

    Basically anything that relates to your business should be in your business account.


  • #4
    upinthesky
    Registered Users, Registered Users 2 Posts: 1,407 ✭✭✭upinthesky


    Great guys thanks, yes i will be seeing an accountant as soon as possible just trying to find my way a bit, i take it i should start keeping receipts for things such as diesel, but i am not going to register for vat.


  • #5
    upinthesky
    Registered Users, Registered Users 2 Posts: 1,407 ✭✭✭upinthesky


    Your P.A.Y.E income how would that be calculated, should it be a certain % of the earnings?


  • #6
    jimmii
    Registered Users, Registered Users 2 Posts: 14,810 ✭✭✭✭jimmii


    Keep receipts for everything your accountant will be able to tell you what is a business deductable and what isn't better safe than sorry you don't want to be subsidising your business! Your accountant will be able to help if you have PAYE and non-paye income should be a fairly standard for them.


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  • #7
    Geniass
    Closed Accounts Posts: 643 ✭✭✭Geniass


    lisar816 wrote: »
    Your P.A.Y.E income how would that be calculated, should it be a certain % of the earnings?

    Paye income is income earned through employment, and different to self employed income. You may have both, especially when first starting out as self employed.


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