Starting new business

DonkeyDick1992

Hi Guys, hope everyone is keeping well,

So me and my girlfriend is talking about setting up our own small business for the last year or more, but we are kind of more motivated now to set it up as soon as we can, but we dont know how to go about things,

basically our friends have a small business also and they have got grants and tax exception and all the other fun things that people get when they start there own business,they have told us off these benefits and it really opened our eyes to WOW maybe we can set up a decent business for our future from this.

however there is always a catch, I have a full time job (happily) and she is on carers allowance (for her ill father and granny) pretty full time also but she is still adamant on having this new business on the side to keep her sane.

my question is that are we entitled to any grants and most importantly the tax exception for the first 2 years.

(the grants would be nice to help us on our road but if we could even only get the tax excemption for the 2 years to see how things go i think we would be very happy)

thanks in advance for taking the time to read and to reply

regards,

Niall

Buttercake

the critical question is - what is the business?

Graham

Buttercake wrote: »

the critical question is - what is the business?

I'm not sure that is the critical question.

OP is unlikely to receive any sort of financial support while working full-time.
Surely OPs partner likewise while in receipt of carers allowance.

Buttercake

If OP is starting a business in a specific industry(food, science, manufacturing) it might qualify them for a feasibility grant or HPSU or a research and innovation grant with EI as opposed to opening a donut shop.

basically our friends have a small business also and they have got grants and tax exception and all the other fun things that people get when they start there own business

Unless they were unemployed, The only exemption your friends must be talking about is corporation tax.. thats for 3 years, would love to know what else they are getting unless they are pulling your tail.

sysprogrammer

Buttercake wrote: »

the critical question is - what is the business?

Donkey Parts to mainland china, as per the business name.

OP - are you looking for grant / aid idea's, and then start a business related to this funding ?

try windows, as people will see right through this.

hairyslug

Check with carers, I don't THINK your wife can own part of the business but she can work for 15 hours a week for you. My wife if receiving carers and we have kept her completely separate from the business.

CeilingFly

I would guess the tax exemption is on the corporation tax on any profit made by the business (usually 12.5%).

There's no exemption on taxes when you draw down any income from the company.

DonkeyDick1992

Buttercake wrote: »

If OP is starting a business in a specific industry(food, science, manufacturing) it might qualify them for a feasibility grant or HPSU or a research and innovation grant with EI as opposed to opening a donut shop.



Unless they were unemployed, The only exemption your friends must be talking about is corporation tax.. thats for 3 years, would love to know what else they are getting unless they are pulling your tail.

the busienss idea is dove release for weddings and events like that, not a lot of expense in setting up but id like to know what roads i could take to help me,

DonkeyDick1992

hairyslug wrote: »

Check with carers, I don't THINK your wife can own part of the business but she can work for 15 hours a week for you. My wife if receiving carers and we have kept her completely separate from the business.

yes i think if i could get the tax excemption for myself to start up id keep her as an employee, on the books.. thanks for your input

DonkeyDick1992

Buttercake wrote: »

the critical question is - what is the business?

the business is dove release, for weddings and events

DonkeyDick1992

sysprogrammer wrote: »

Donkey Parts to mainland china, as per the business name.

OP - are you looking for grant / aid idea's, and then start a business related to this funding ?

try windows, as people will see right through this.

sorry if you dont have any constructive comments please try not to make them, i am already distributing business cords relating to my business to get it on the so i am looking for anything that will help me to succeed, i would have thought that people would be more helpful with someone starting a new business but obviously there always one sour K**T

CeilingFly

sysprogrammer wrote: »

Donkey Parts to mainland china, as per the business name.

OP - are you looking for grant / aid idea's, and then start a business related to this funding ?

try windows, as people will see right through this.

Reading some other posts from op, i sort of agree with the basis of your post.

Timewaster troll imo

DonkeyDick1992

CeilingFly wrote: »

Reading some other posts from op, i sort of agree with the basis of your post.

Timewaster troll imo

Timewaister?? what is this site made for discussion and help for people who need advice, as i am doing!!!!!

DonkeyDick1992

OSI wrote: »

http://www.freewhiteangeldoves.com

thanks for your comment, want to set something like this except not as big for the start

Graham

As your partner is not unemployed and assuming you plan to remain employed, I can't think of any grants either of you would be eligible for.

DonkeyDick1992

Graham wrote: »

As your partner is not unemployed and assuming you plan to remain employed, I can't think of any grants either of you would be eligible for.

Thanks Graham, tax exception is the big one that id be looking for as i could risk setting it up and if it gets nowhere in the first 2 years i could close up shop so to speak,

will have to look into revenue or something

Graham

I don't know what tax exemptions your hoping for but I wouldn't pin my homes on anything meaningful to be honest.

jacksn

Maybe OP thinks tax ememption is not registering for vat by operating below the services threshold, can't phantom why any business starting up would have a tax exemption. Most of those schemes and grants, they make you register for vat anyway.

I do think carers are allowed "limited" self-employment but a dove release business?, can't see it making anything and could be a colossal waste of time.

nelly17

Speak to an accountant I think you'd get a consultation for something like €150 and you will have all of the answers you need

Graham

jacksn wrote: »

can't phantom why any business starting up would have a tax exemption.

I vaguely recall something about a refund of previous PAYE tax paid under certain specific circumstances.

Can't remember anything about the detail but I'm sure one of the conditions was working full-time in the business.

sysprogrammer

DonkeyDick1992 wrote: »

sorry if you dont have any constructive comments please try not to make them, i am already distributing business cords relating to my business to get it on the so i am looking for anything that will help me to succeed, i would have thought that people would be more helpful with someone starting a new business but obviously there always one sour K**T

Ha, I'm far from sour , and you post came across all wrong. you never even mentioned what area of business you are in,that's annoying, and yet expect us to shower you with ideas and free grants ???

I asked a question and you went on a rant.

are you for real ? ,(that's another questions in case you missed it ) and then you get so offended you call people names , some show your running mick !

dbran

Hi there

I know a person who set up a similar business mainly as a hobby. Did not make huge money from it.

The company start up relief is from corporation tax and you need to take on employees to get it which I suspect is unlikely. The equivelent sole trader relief however may be useful if you were unemployed for a year before hand.

There may also be back to work allowances as well as other social welfare inducements.

Best of luck with it.

dbran

DonkeyDick1992

dbran wrote: »

Hi there

I know a person who set up a similar business mainly as a hobby. Did not make huge money from it.

The company start up relief is from corporation tax and you need to take on employees to get it which I suspect is unlikely. The equivelent sole trader relief however may be useful if you were unemployed for a year before hand.

There may also be back to work allowances as well as other social welfare inducements.

Best of luck with it.

dbran

thank you so much for your help, we are doing it more off a hobby together, and time to get our minds off our other commitments as both of us have stressful jobs. dove release will probably just pay for the feed for them through out the year.

if its too much hassle we will just bin the idea and take up hyking or cycling but we are not so compelled to that

Cushie Butterfield

So you basically want the government to pay for a hobby for yourself & your girlfriend to relieve your stressful lifestyle.

It's not going to happen, so revert to Plan B & take up hiking or cycling. You could consider the Cycle to Work Scheme: http://www.citizensinformation.ie/en/money_and_tax/tax/income_tax_credits_and_reliefs/cycle_to_work_scheme.html

DonkeyDick1992

Cushie Butterfield wrote: »

So you basically want the government to pay for a hobby for yourself & your girlfriend to relieve your stressful lifestyle.

It's not going to happen, so revert to Plan B & take up hiking or cycling. You could consider the Cycle to Work Scheme: http://www.citizensinformation.ie/en/money_and_tax/tax/income_tax_credits_and_reliefs/cycle_to_work_scheme.html

well if i can get the grants why not?? i work hard every week and get on average 150e a week deducted between tax and paye and usc , all to pay for the people getting everything handed to them on the dole...

now before someone starts to rant!! i understand that alot of people on the dole are genuinely unable to get work but there is just as many that are able to get jobs but refuse to..

so if i want to go and try to get some off my hard earned money back from the government i think i can do it without been criticized because as Ireland is now they are crippling the working people to award the unemployed

so thanks for your in put

jacksn

DonkeyDick1992 wrote: »

well if i can get the grants why not??

OP there are no grants. There are certainly no grants for people to start a business on the side while working full-time to offset any risk for an incredibly high risk business - dove releasing.

If you want to make yourself unemployed to claim a grant, leave your job, go on JBA for a year and claim a BTWEA "grant" which is essentially your dole staggered.

There are no golden eggs, if there were every Joe & Marty would be operating dove releases businesses while working full time.

so if i want to go and try to get some off my hard earned money back from the government i think i can do it

You pay tax like the rest of us, you get social welfare if you get fired from your job tomorrow, you get a state pension when you retire, you get a centurion bounty if you live to 100, besides living here and using the multitude of state provisioned services on a daily basis, that's all you get.

CeilingFly

DonkeyDick1992 wrote: »

well if i can get the grants why not?? i work hard every week and get on average 150e a week deducted between tax and paye and usc , all to pay for the people getting everything handed to them on the dole...

now before someone starts to rant!! i understand that alot of people on the dole are genuinely unable to get work but there is just as many that are able to get jobs but refuse to..

so if i want to go and try to get some off my hard earned money back from the government i think i can do it without been criticized because as Ireland is now they are crippling the working people to award the unemployed

so thanks for your in put

so you pay about 7k in tax a year

hmmm...

You use roads?
You get medical expenses
I presume you availed of the near free education system possibly even into college.
I presume your parents got children's allowances
If you have a disabled relative - I presume you know that they are getting good care
You use water.
Possibly you've played sports and the facilities were subsidised
In the future you may get ill and will want to get better.
In the furture you will be getting a pension


On average €42.000 is spent by Government on the average household - until your household contributes more than €42,000 you are not a net contributor to the system.

And with your type of thought any business venture would have a vey high chance of failure.

onedmc

CeilingFly wrote: »

I would guess the tax exemption is on the corporation tax on any profit made by the business (usually 12.5%).

There's no exemption on taxes when you draw down any income from the company.

It will be a closed company so tax on profits is more like 18%. 12.5 isnt available to most limited companies only the big ones.

joejobrien

DonkeyDick1992 wrote: »

Hi Guys, hope everyone is keeping well,

So me and my girlfriend is talking about setting up our own small business for the last year or more, but we are kind of more motivated now to set it up as soon as we can, but we dont know how to go about things,

basically our friends have a small business also and they have got grants and tax exception and all the other fun things that people get when they start there own business,they have told us off these benefits and it really opened our eyes to WOW maybe we can set up a decent business for our future from this.

however there is always a catch, I have a full time job (happily) and she is on carers allowance (for her ill father and granny) pretty full time also but she is still adamant on having this new business on the side to keep her sane.

my question is that are we entitled to any grants and most importantly the tax exception for the first 2 years.

(the grants would be nice to help us on our road but if we could even only get the tax excemption for the 2 years to see how things go i think we would be very happy)

thanks in advance for taking the time to read and to reply

regards,

Niall

Id suggest you ask them, apparently they seem to know more than some of the more seasoned people on here.;):D
Also I too ,agree with the trust of most of the posts

Finally,IMO, Business isnt fun, its serious. Would question the mindset. Get facts!!!!!