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Sole trader.

  • 25-09-2017 8:07am
    #1
    Whispered
    Registered Users, Registered Users 2 Posts: 14,772 ✭✭✭✭


    Hi. In march I registered as a sole trader, At about the same time my husband got a significant pay increase. As such, i haven't been doing the amount of work I had projected. I'm a stay at home mother and it became unnecessary for me to put the little fella into care so I could work.

    So since march, I've been doing €20-€40 worth of work per week. It's pocket money and work I enjoy. Because I hope to make more from it when my boy is in school, i intend to stay registered.

    I keep track of work using a wall calendar, just an amount each relevant day. It doesn't cost me anything to do the work so no need to track expenses. I have never sent an invoice, every month I just text my clients how much I'm owed and get paid in cash.

    So as you can see, it's a very casual, small money, arrangement but I do want to keep everything legitimate.

    I'm registered on the revenues website but im nervous to do anything on it! Do you have to submit accounts? Will they see how little I earn and think I'm trying to pull a fast one? Do you legally have to send paper invoices?


Comments

  • #2
    ACADasltiv
    Registered Users, Registered Users 2 Posts: 79 ✭✭ACADasltiv


    You don't need to submit accounts as a sole trader. You will however have to file a self assessment income tax return every year to ensure you're paying the correct tax. For what you're doing it would be easy enough to complete yourself, however I would recommend seeking the advice of an accountant for your first year to ensure you're on the right track.

    Yes you need to invoice for work you have carried out. Excel has generic invoice templates as standard that you can use. As you're below the VAT threshold for services you don't need to register for VAT and as such you won't need to charge VAT on your sales. You also won't be able to claim VAT on any of your inputs.

    You need to be able to account for all money coming in and out of the business. If you receive payment, yo


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