Free tax/accounting advice for start up Sole trader?

thehamo

Hi Guys.

I was wondering if anyone could point me in the direction of tax and accounts advice for starting up as a small time sole trader?

At the moment I have started my business and would probably only be covering rent of the premises so no money being mate at the moment.

I'm currently working full time as a PAYE worker and I want to find out more information on a few things namely:

Registering as a sole trader whilst also a PAYE worker
Tax and accounts returns
How to register for tax as a sole trader
setting up as a company
Tax implications etc

Anyone know of any resources or places I could talk to?

Many thanks

heretothere

I came across this by complete accident a few minutes ago and remembered your post - http://www.fssu.ie/primary/

Hopefully it might be of some help.

Your sole trader number will be your PAYE number, if you have just set up now you won't need to do an income tax return until October 2019. You can download ROS to your computer, go to https://www.ros.ie/oidc/login/noCertsFound?lang=en&client_id=rosint_rp click on register for ROS it's pretty easy to follow.

Keep a record of everything you purchase for the business, even buy a small hard backed copy book and have a 'rent' sheet and each time you pay rent write down how much rent you paid, the date you paid it, who you paid it too and how you paid it e.g. cash/ bank transfer or cheque.

If you do purchase anything else for the business keep the receipt. Buy a strong plastic wallet and put all receipts into it. I'm not sure what sort of business you are running but keep other bills such as phone/ internet/ car insurance/ diesel/ car tax. You may be able to use a proportion of these as running expenses.

I do think for actual filing etc you should get in contact with an accountancy practice. I'm sure you are good at what you do but a lot of people make a dogs dinner out of trying to do their own taxes. We all have our different talents, just because I know the rough idea of how I most certainly wouldn't try to plumb a bathroom myself!

thehamo

Thanks so much for the reply

I seem to be having some issue with the ROS service.

Im setting up as a physical therapist and it will be as my second income so I need advice on setting up. I know absolutely nothing about taxation or accountancy and want to get everything cleared up in my head as to whats involved. The reason I haven't hired an accountant is I simply dont have the money!

srsly78

Paying accountant is a business expense just the same as rent etc. You will have to either hire one now to do things right, or hire one later when you are getting audited and penalised.

onlinepal100

Hi OP

Please clear some of your old messages and I will send you a PM on this topic.

heretothere

The better the records you keep for your accountant the cheaper they will be as they will have to put in very few hours. I would image you will be charged about 250-300 euro for an income tax return, if it will only take them about 1 hour to complete and 1 hour discussion/ meeting you. Honestly if you know nothing about tax you are going to make a hames of it which could lead to a world of issues you don't really want.

Keep a record of everything, clearly and in a neat order this will reduce the time spend on doing your income tax return and therefore keep the cost low. Also from client no 1 set up a 'Tax Bank Account' presumably you are just using personal banking, but pretty much all the banks offer online savings accounts. Start saving 50% tax from everything you earn. I am presuming you are already using up your entire tax band & credit from your other job. If not you will need to save less.

thehamo

onlinepal100 wrote: »

Hi OP

Please clear some of your old messages and I will send you a PM on this topic.

Hi Thanks so much. Messages are cleared now!