Help! What do I need to do (small business)

chelseavera · 21-10-2019 3:22pm #1

I know it's very late in the day and I'm guilty of burying my head in the sand .... but, I own a small online Business, just shy of 1 year in existence.

I've not 'kept accounts' - just have all receipts kept etc.

All I know is, I've not taken a single penny out. Any incomings have been spent on more stock, or advertising or loan repayments.

I've tried to take a crash course online (mostly on boards) and am only learning what 'profit' REALLY means and that only interest on loan is an expense. It's all very worrying. But essentially THIS: my total sales would only be in the order of 1200 for the year. Now, maybe 50% of this is mark-up - but it's been ploughed back in.

WHAT do I need to do? I am a Full time PAYE worker as well. Do I need to record something on 'My account'? What are these thresholds and do I need to formally declare I am under same?

Dont be cross at my stupidity .... I'll be more disciplined next year. Just want to do what's required of me just now. Any links or help HUGELY appreciated!

relax carry on · 21-10-2019 4:35pm

chelseavera wrote: »

I know it's very late in the day and I'm guilty of burying my head in the sand .... but, I own a small online Business, just shy of 1 year in existence.

I've not 'kept accounts' - just have all receipts kept etc.

All I know is, I've not taken a single penny out. Any incomings have been spent on more stock, or advertising or loan repayments.

I've tried to take a crash course online (mostly on boards) and am only learning what 'profit' REALLY means and that only interest on loan is an expense. It's all very worrying. But essentially THIS: my total sales would only be in the order of 1200 for the year. Now, maybe 50% of this is mark-up - but it's been ploughed back in.

WHAT do I need to do? I am a Full time PAYE worker as well. Do I need to record something on 'My account'? What are these thresholds and do I need to formally declare I am under same?

Dont be cross at my stupidity .... I'll be more disciplined next year. Just want to do what's required of me just now. Any links or help HUGELY appreciated!

When did you start trading? If it was 2019, then you are fine until next year. You must pay and file by 31/10/20 if you started in 2019. At 1200 gross income you should hav minimal taxable profit based on what you stated so it's an E-Form 12 you fill in during 2020 for 2019.

I

chelseavera · 21-10-2019 4:48pm

Thank you Relax ...

Unfortunately - it was the 26th October. So, where do I need to attempt this? And, would that just be Oct-Dec 31st?

chelseavera · 21-10-2019 4:59pm

chelseavera wrote: »

Thank you Relax ...

Unfortunately - it was the 26th October. So, where do I need to attempt this? And, would that just be Oct-Dec 31st?

Ugh, I went on to Online My Acccount and went in to review 2018 and asked for Form 12. It says I can't as I registered for Income Tax that year! What does that mean? What vehicle do i use now?

relax carry on · 21-10-2019 5:10pm

chelseavera wrote: »

Ugh, I went on to Online My Acccount and went in to review 2018 and asked for Form 12. It says I can't as I registered for Income Tax that year! What does that mean? What vehicle do i use now?

If you are already registered for IT in 2018 then you have to file a form 11 via ROS. Up to you how you'd do it but at the level you are at, probably best to go from October 2018 to end December 2018 and carry on next year with income from January to December. If your non PAYE income increases, no harm in having a chat with an accountant.

https://www.revenue.ie/en/online-services/services/common/file-an-income-tax-return.aspx

SEPT 23 1989 · 21-10-2019 5:11pm

You pay for the services of a good accountant

chelseavera · 21-10-2019 5:18pm

Thank You.
I don't know why I did it - but it's done now. Unless I can ask to cancel that. But I guess ...
Thanks for your guidance and - yes, I'd love it to grow to that, and need an accountant, but I doubt it. Have 12k stock to shift though, so on I go.
Thanks very much.

chelseavera · 21-10-2019 5:19pm

I'd hate to rock up to one just now! But let's see ...

is_that_so · 21-10-2019 5:21pm

OP did you register in Ros? If you have don't worry about the PAYE element. When you complete the online return there's a screen which will allow you to import all the PAYE details with the click of a button. As for accounting take a look at this.

https://zipbooks.com/pricing/

chelseavera · 21-10-2019 5:28pm

is_that_so wrote: »

OP did you register in Ros? If you have don't worry about the PAYE element. When you complete the online return there's a screen which will allow you to import all the PAYE details with the click of a button. As for accounting take a look at this.

https://zipbooks.com/pricing/

It seems I must have. Its all a bit of a blur as it was quite frantic at the time and plans changed daily. But when I registered my Company Name, i must have thought I needed to register in ROS. Thanks for your calm advice and I'll have a look at that link later!

is_that_so · 21-10-2019 5:32pm

chelseavera wrote: »

It seems I must have. Its all a bit of a blur as it was quite frantic at the time and plans changed daily. But when I registered my Company Name, i must have thought I needed to register in ROS. Thanks for your calm advice and I'll have a look at that link later!

If you did you'll have a folder on your laptop/computer called ROS. If can't remember any details go onto ROS and request a new password.

chelseavera · 21-10-2019 5:47pm

is_that_so wrote: »

If you did you'll have a folder on your laptop/computer called ROS. If can't remember any details go onto ROS and request a new password.

I hadn't - but now have. I think I'll come at this fresh tomorrow!

Thanks again!

is_that_so · 21-10-2019 5:50pm

Happy to help. Feel free to come back, lots of people around here to offer support and answers.

Help! What do I need to do (small business)

Comments