Setting up as sole trader query

Xtrail14

I’m setting up a small online business sole trader. Do I need an acccountant? I see I can register for tax online and do self assessment.

starrygleam11

Xtrail14 wrote: »

I’m setting up a small online business sole trader. Do I need an acccountant? I see I can register for tax online and do self assessment.

Heres few sites :
https://www.thinkbusiness.ie/articles/starting-as-a-sole-trader-ireland/
https://accountantonline.ie/guides/becoming-a-sole-trader-in-ireland-a-step-by-step-checklist/
https://fidelia.ie/how-to-set-up-as-a-sole-trader/
https://www.google.com/amp/s/www.irishtimes.com/business/innovation/step-by-step-to-starting-your-own-business-1.3582112%3fmode=amp
https://www.fetch.ie/business/sole-trader-in-ireland/

y0ssar1an22

you do need to register for income tax, which you can prepare and file yourself. or pay an accountant to do it for you.

there's the link to register a business name:

https://www.cro.ie/Portals/0/Business%20Names%20Forms/RBN1%20v2%20fillable.pdf

Calahonda52

Xtrail14 wrote: »

I’m setting up a small online business sole trader. Do I need an acccountant? I see I can register for tax online and do self assessment.

I don't think so starting off, just make sure you keep the paperwork, it is usually easier if you set up a separate bank account.
re the business name, just be aware that it is is not registered to you in the same way as a company name is, so I could set up Xtrail14 as well, it that was your business name.

Xtrail14

Thanks for replies, I probably will get a business name but wouldn’t bother me if someone copies it.
I tried the eregistration earlier but I couldn’t complete step 9 as hadn’t a p60 on me to enter the amount and employer number. Can the p60 be got online for 2018? I was employee that year.

y0ssar1an22

Xtrail14 wrote: »

Thanks for replies, I probably will get a business name but wouldn’t bother me if someone copies it.
I tried the eregistration earlier but I couldn’t complete step 9 as hadn’t a p60 on me to enter the amount and employer number. Can the p60 be got online for 2018? I was employee that year.

if sign into 'my account', you can get prior p60's, tax credit certs and the like

Xtrail14

y0ssar1an22 wrote: »

if sign into 'my account', you can get prior p60's, tax credit certs and the like

I am logged in there and can’t seem to find them. I logged in via mygovid

y0ssar1an22

Xtrail14 wrote: »

I am logged in there and can’t seem to find them. I logged in via mygovid

once you're logged in:

in the blue section 'paye services' there should be a link for review taxes 20XX - 2019. click that. view your employment detail summary - its the new version of the p60.

Calahonda52

Xtrail14 wrote: »

Thanks for replies, I probably will get a business name but wouldn’t bother me if someone copies it.
I tried the eregistration earlier but I couldn’t complete step 9 as hadn’t a p60 on me to enter the amount and employer number. Can the p60 be got online for 2018? I was employee that year.

.
until someone sues you

Xtrail14

Calahonda52 wrote: »

.
until someone sues you

If I register a name on cro can I still be sued?

Mjolnir

Xtrail14 wrote: »

If I register a name on cro can I still be sued?

I believe the poster was getting at you just using a name, not registering it and then someone taking it, registering it and suing you.

Without getting in to too much detail if it is close to an existing competitor in the same field you can.

Xtrail14

I have a couple of names in mind and have googled them and no search results so I guess they are unique. I can just trade under my own name also I think?

Mjolnir

Xtrail14 wrote: »

I have a couple of names in mind and have googled them and no search results so I guess they are unique. I can just trade under my own name also I think?

It's usually only a worry when your name, service or product is so close to competition they could show you meant to deceive consumers into believing your product or service was theirs. It's called passing off burden of proving it would be on the plaintiff not defendant.

With the names just check for competitors like you have, pick a name you like, register it and use it. Ideally get the domain name and business name at the same time so they correspond.

You can of course use your name. I'm not much help to ya on the tax side, there are benefits to setting up as a limited liability company though, be it for tax, payroll, or just debt liability.

Jonathan222

Hello, does a sole trader who set up, say mid 2020, have to pay a prelim tax for 2021. The reason for the ask is how would a sole trader know how much they are expected to pay, the following year, if they are just starting off?

Thanks