What counts as starting trading?

Richie15

I'm in the early stages of setting up a business and I'm trying to figure out at what stage I need to register with Revenue. I'm guessing before I make my first sale anyway?

Does all the setup like opening a bank account, introducing capital etc count? What about expenses incurred (from my personal funds) in the setup?

I'm sure I could get an answer from Revenue, but... y'know, I might not like it! 😂

silver2020

You can trade as a sole trader with your own PPS number. No need to inform revenue, just produce accounts at the end of the year

If it gets busy you can look at "upgrading"

pinkypinky

You don't even need to do that until you earn (I think) €5000 profit. Additional income under this amount can just be declared as part of your tax return. My accountant advised me to hold off until I reached this threshold as the accounting requirements would be different thereafter.

Downside is that you can't open a business bank account without the registration.

silver2020

https://www.boards.ie/discussion/comment/118462181#Comment_118462181

I've never heard of that limit.

And a bank account can be opened in a business name. You just register a business name which is very easy and lets you trade as that name as a sole trader. No "business" registration is needed

eg Pat murphy trading as PinkyPinky Princess Parties

You can set up a totally separate bank account called Pinky Pinky Princess Parties. It will be linked to your pps number, but its how most self employed people separate business and personal bank accounts

pinkypinky

AIB previously advised I needed to be registered as a sole trader for their services.

PTSB and BOI only list options for limited companies, sole traders and partnerships on their websites.

I'll have to make a decision this year anyway as I unfortunately bank with KBC and have to move.