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Can I add businesses to my business?

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  • 31-01-2024 11:40am
    #1
    laraido
    Registered Users Posts: 76 ✭✭


    I'm freelancing in the creative sector the last 12 years, setup as a Sole Trader. I have a couple of e-commerce business ideas in development, each of them being a brand requiring their own domain.

    Do I need to set up a separate business on the CRO for each of these websites/brands?

    Can I use my existing VAT number for all, seeing as each business is connected to my personal name as a Sole Trader, so essentially still only having one set of accounts end of year?

    I've been on my local enterprise website and this sort of information isn't obvious. Any advice or shared experience would be fantastic.

    Thanks in advance

    Tagged:


Comments

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    #2
    Mick Tator
    Registered Users Posts: 654 ✭✭✭Mick Tator


    Keep it simple.

    You are the business – a sole trader.

    Currently you are e.g. Jo Laraido t/a First Enterprises

    You need to register the business names/trading styles of the two new ventures with the CRO (you also need to do this for the website domain)

    So you will also be Jo Laraido t/a Second Enterprises and  Jo Laraido t/a Third Enterprises

    If the VAT rates are the same for all three I cannot see Revenue having an issue with one VAT no. but Check with them to be sure. 



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    #3
    laraido
    Registered Users Posts: 76 ✭✭laraido


    https://www.boards.ie/discussion/comment/121704198#Comment_121704198

    Thanks Mick



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    #4
    capefear
    Registered Users Posts: 771 ✭✭✭capefear


    Can I use my existing VAT number for all, seeing as each business is connected to my personal name as a Sole Trader, so essentially still only having one set of accounts end of the year?


    As you are a sole trader your PPS number is your VAT number and it will be used on all your invoices issued. So you can have as many business names linked to you as a sole trader and it will be one set of accounts at the end of the year and one bank account.

    Depending on whether you receive cheques or not, if you do you will need to send a copy of the business name cert to the bank so you can lodge any cheques in the name of the new business.

    Also, it can be a good to have each business set up as separate departments in your accounting system so you can see which business is making you the most money or not and and if one business becomes successful you might need to incorporate it.



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