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please i Need Advice !

  • 14-05-2015 8:48pm
    #1
    TayyFox
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi there,
    so im quiet new to this place :3
    but im in need of urgent advice, so i sell my arts and crafts here and there and only during the summer holidays(its a part time job in a way) im sill in school, well one more year left then on to college. But now as more people get interested in my art my paypal is going over the money limit, but im too afraid to start up a business since i have no clue how to work with tax and i dont bring in anything close to 37000 my highest i got was close to 2000. So now my question is, does any one know what do i have to do/what licence to get, i dont want this business to be overly serious but i need to upgrade my paypal cuz it will be restricted,

    PS. i found a site that you register your business name through but im very unsure weather i should or not :S

    thanks for reading !
    Tagged:


Comments

  • #2
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    That all sounds great. What specifically does Paypal want you to do to increase the limit?


  • #3
    jimmii
    Registered Users, Registered Users 2 Posts: 14,810 ✭✭✭✭jimmii


    Just because you don't officially start up a business doesn't mean you don't have to start thinking about the tax implications if you decide to continue growing this.

    Do you plan on just keeping this as a hobby or do you intend to try generate a proper income from it? If its the later I would suggest going to your local enterprise office they run courses that will help you lose those fears on taxation when you are small its really not as bad as it seems and even if its the former then you may still get some worth while information out of it.


  • #4
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,295 ✭✭✭✭Mrs OBumble


    If you are making any money selling things, then you need to worry about tax.

    If you are making less than 7000 in profit in a year (ie income minus expenses that you are allowed to claim), then you will not owe any tax. But even in this case, you need to keep some records and tell Revenue about what you have earned. And if you are making more than 7000 in a year, then you have to pay some tax, too.

    It would be a good idea to pay an accountant to give you advice about what you need to do, including whether to register a trading name, whether to set up a company (and what your responsibilities are if you do), and how to manage your tax so you don't pay any more than you absolutely have to.


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