Please help me as I am new to this business side

AsianIrish

Dear respected members,

I am a full time employee and earn a decent salary. As a part time I have started a small sports, boxing, taekwondo and MMA business where I am getting small quantity of merchandise from Pakistan and supplying to local clubs. I wanted to do a test drive and I have done two orders and now a big chain of clubs want to do business with me due to my price and quality. Question is how best I can manage this business. Should I trade it as ST or what?

My wife does not work and help me with docs and admin work. Is it better to have her registered with revenue to save huge tax.

My business method is this, the clubs pay me by cheque and I pay via western union to the factories. I keep small profit. I have to pay tax on profit and need to k ow how I should manage it. Any good advice?

OttoPilot

Best advice I can give you is hire a tax consultant. You don't have the knowledge to file a return clearly and it's not a wise idea to have someone walk you through it online, unless you enjoy revenue audits.

Lockedout2

What kind of profit are you talking?

You currently get the Married persons credit, the PAYE Cr and the home carers credit?

Any income in your name would be taxed at 20 or 40% depending on your salary, PRSI of 4% and USC of 5.5%.

Your wife would be taxed at 20% PRSI if over €5,000 in profit and USC if over €12,012. She would also get the earned income tax Cr of €550.

Go talk to an accountant.

AsianIrish

Thank you guys, I met an accountant and he asked for 700 euro per year to submit my account to and help me how to manage the affairs to be tax efficient. I am in taekwondo, MMA and boxing business supplying to local clubs goods in their own logos and style. I may see the profit first year around 6000-8000