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Should I setup as Sole Trader?

  • 10-06-2020 12:26pm
    #1
    icanmunch
    Registered Users, Registered Users 2 Posts: 156 ✭✭


    Hi All,

    Looking for some advice.
    I have a hobby that is growing it’s own legs so to speak and I am starting to get requests to sell some of my homemade items. I am in full time employment already and expect this side project to bring in a modest amount of money roughly 10k yearly. My main concern is ensuring I am tax compliant and that nothing can come back to haunt me down the line if I decide to call it quits on the side project. What would be the best way to setup? Thanks


Comments

  • #2
    Derdwerker
    Banned (with Prison Access) Posts: 28 ✭Derdwerker


    icanmunch wrote: »
    Hi All,

    Looking for some advice.
    I have a hobby that is growing it’s own legs so to speak and I am starting to get requests to sell some of my homemade items. I am in full time employment already and expect this side project to bring in a modest amount of money roughly 10k yearly. My main concern is ensuring I am tax compliant and that nothing can come back to haunt me down the line if I decide to call it quits on the side project. What would be the best way to setup? Thanks

    Sole-trader if you’re intending to just keep it at the scale that it is now. PLC if you plan on expanding.

    Regardless I’d speak to an accountant about it, most will give you a free consultation and will only bill for actual work.


  • #3
    icanmunch
    Registered Users, Registered Users 2 Posts: 156 ✭✭icanmunch


    Derdwerker wrote: »
    Sole-trader if you’re intending to just keep it at the scale that it is now. PLC if you plan on expanding.

    Regardless I’d speak to an accountant about it, most will give you a free consultation and will only bill for actual work.

    Thanks a mill. I'll get in touch with an accountant and arrange a consultation. Cheers


  • #4
    pgj2015
    Registered Users, Registered Users 2 Posts: 9,719 ✭✭✭pgj2015


    you could do a start your own business course. I did 1 before I set up a business and it really helped. The cost is very low as far as I can remember. I think the one I did was 3 hours every monday from 7 to 10 for 7 weeks.




    https://www.localenterprise.ie/Westmeath/Training-Events/Training/Start-Your-Own-Business-Courses/


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