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moving from sole trader to ltd do i keep a trading history

  • 04-06-2020 10:41PM
    #1
    utmbuilder
    Registered Users, Registered Users 2 Posts: 476 ✭✭


    if i change from sole trader to ltd, do i keep a trading history in regards to bank history, financing vehicles etc

    im vat registered


Comments

  • #2
    MyTax Ireland
    Registered Users, Registered Users 2 Posts: 30 ✭MyTax Ireland


    utmbuilder wrote: »
    if i change from sole trader to ltd, do i keep a trading history in regards to bank history, financing vehicles etc

    im vat registered

    Hi utmbuilder,

    If you are moving from a Sole Trader to a Ltd it is considered a cessation of your trade.

    When you say keep your trading history, do you mean do you keep your financed vehicles or VAT registration? The vehicles will depend on your personal circumstances and you should notify Revenue to stop VAT as you personally won't be trading anymore.

    I suggest talking to an accountant as there are a good few things to take into account when incorpating from a sole trader to Ltd;

    - Timing of incorporation to minimise personal Income Tax on cessation;
    - Elimination of CGT & Stamp Duty on trasfer of assets to a Ltd;
    - VAT Timing on Incorporation;
    - Remuneration for yourself within a Ltd structure (and mitigating tax liabilities).



    Thanks,
    MyTax Ireland


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