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Tax as a sole trader

  • 19-05-2023 9:13am
    #1
    Wannabefitmom
    Registered Users, Registered Users 2 Posts: 12 ✭


    Hi all,

    I hope you can help me. I am trying to set up a small online business as a sole trader. I've registered my company etc and now I need to register for tax. But what if I don't make many sales in the first few months or a year? I know you need to make a certain amount to pay tax. But are there other taxes I will need to pay? Even if I don't have many sales?

    I hope I'm making sense. My worry is, worst case scenario, that I don't have many sales and have to pay other taxes. Are there any sole traders that could help?

    Thank you.

    Tagged:


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 14,033 ✭✭✭✭Geuze


    First point: there are three types of businesses

    Sole traders

    Partnerships

    Companies


    You mention that you are a sole trader, and also a company.

    You need to clarify that first.



  • #3
    CWMMC
    Registered Users, Registered Users 2 Posts: 185 ✭✭CWMMC


    As per what Geuze said it first depends on what type of business you are. If you are a company and you make no money in the first year you still have to pay the minimum of €500 PRSI for the year. As a sole trader if you earn the threshold your tax credits will cover your income tax.


    If you are a company, you will be an employee of the company in which the company will then need to pay your taxes on your employment. You will also still need to pay your Corporation Tax even if you earn €1 for the year.



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