Business setup from scratch

Bykobap

I'm working for a person who was actively working in the industry for years but for the last 3 years this person is throwing money at Google, Facebook adds then takes phone calls and online bookings for jobs which i install and service.

Annual turnover from my work only is circa 100,000+, there's subcontractors too

I am on 700 a week

I want to go solo

I reckon i could be on 100,000 annual turnover too on my own cutting out the middle man

Work involves wall mounting tvs, servicing satellite dishes & such

Is there any advantage of setting up a business first & then purchasing van, tools etc tax wise

I'm driving for 20 years & had private insurance with 10 years NCB up to 2021 when i discontinued my policy, from what I understand this NCB is redundant after 2 years of not being actively insured. Last two years i had company van. Open drive, my name not on it. Not sure if private and commercial are interchangeable even if NCB is valid.

Ok if i was to ;

register the business

open business bank account

obtain public liability insurance & van insurance

purches the van, tools, material

get website done by adequate people

Go out there and chase the coin

Some of those items are tax deductible i assume, so i guess what i am asking is can i avail of those deductibles regardless of purchasing time of said items being before or after registration of the company?

Long post i know,

100,000 annual turnover

Sticking tvs on the wall, servicing satellite dishes

How to proceed from this point, what kind of company to register, is it important what step to take first in order to save money ie tax deductible items etc.

Trying to get the gist of it, obviously an accountant should be first port of call, whatever is to be expected from local enterprise officer.

How would you process it ?

Thanks

NCB not crucial, if i have to start from bottom so be it.

Mrs OBumble

Do a Start your own Business thru your local ETB or similar.

Bykobap

Yeah, pragmatic.

How would you process it if it's not too much to ask Mrs OBumble?

Your opinion seems to be void of any impractical relevance.

Thanks, English not my first language.

Mrs OBumble

Well if you're in Galway / Roscommon - check this one out:

https://gretb.ie/further-education-training/course-finder/?sfcw-courseId=456636

If you're somewhere else in the country, then you need to look up your own education and training board.

I'm saying this because I think that the financial / organisational things are not what you need to worry about.

It's the marketing, and converting leads into sales that actually pay.

You've said that your current employer is "throwing money at Google, Facebook adds then takes phone calls and online bookings". But all you've suggested is getting someone adequate (not even good) to make you a website. You're ignoring social media and online advertising. You're ignoring that (unless you move to a different area), you will be competing with your current boss: unlike America, the population is not infinite. There are not always more and more people wanting TVs hung. TV brackets don't need much servicing. So you could possibly both end up with turnover 50k per year each

Geuze

Why start a Ltd. company?

Why not start as a sole trader?

Not made with hands

One word

Cash.

Bykobap

https://www.boards.ie/discussion/comment/122889151#Comment_122889151

My current workload is 75% Dublin City 25% adjacent counties.

Going solo i go nationwide.

I mentioned tvs / sat dishes as a relevant matter in respect to what kind of company i should establish with VAT/taxes in mind (no knowledge of VAT ins/outs but aware of it)

So timeframe is insignificant when it comes to company registration and tools necessary software(insurance) / hardware (van, equipment) to run said company in relation to tax deductibles, ok.

Website appearance would be adequate to appease competition's www boutique and serviced accordingly.

So social media is the big one then, website on it's own is almost irrelevant, ok

I might add i can go down the same route & do online sales myself throw the money at advertising and pass on the jobs to whomever wants to do it

Point being is that within this trade there's an obvious vacuum of skilled/experienced technician, or any trade across the board really(being available/affordable)

I'm trying to exploit that vacuum financially through honest work.

What's the best kind of company to register to get the ball rolling initially ?

Bykobap

https://www.boards.ie/discussion/comment/122889173#Comment_122889173

I don't know the difference, hence 100k/y income within service industry(sat dish alignment, tv mounting, etc) and corresponding threshold for VAT/tax.

Difference being what kind of company leaves me with more money in my pocket and what obligations/restrictions i have with either option.

I was schooled for 12 years as agricultural/mechanical engineer and within that timeframe i was educated on classical music, latin, chemistry, physics, math etc obviously crucial subjects but the questions i am currently asking are on par with the rest of it surely.

Anyway

Geuze

It's obviously far easier to start as a sole trader, as you simply start trading.

Whereas if you go down the route of a Ltd. company, the company must be set up and registered.

One downside of the company is taxation.

The company must pay CT on profits, and then if you withdraw the profits, you pay income tax on that.

There may be benefits of the company, versus being a sole trader.

You should ask an accountant.

Geuze

Here is information on VAT:

https://www.revenue.ie/en/vat/what-is-vat/index.aspx

Mrs OBumble

Do you own a house? Or any other assets? If you do, then a Limited company is pretty essential, to remove the risk of losing your house if you go broke or someone sues you. Yes, it will cost you to set up, and there are financial rules which mean you will need an accountant's advice. Byt worst case, it's better than the alternatives.

Just thinking about risks - have you factored in professional / public liability insurance? Not for the van, but also for the work you do. You NEED this, or some clown will sue you for damaging their house.

Think very hard about the economics of going nationwide. Every minute you are driving is a non-billable minute.

Bykobap

Don't own any property, I'll go sole trader route for now. From what I understand i can always upscale to ltd company.

So social networking is an absolute must, ok.

So register company, open business account.

From there get essentials along with public liability insurance & website.

Thanks

mjcaccountants

Accountant here,

Send me a DM. Happy to have a call to just provide advice

poker--addict

Dont bother going national unless there is a big market in rural areas for some connectivity reasons. You will put pressure on yourself, be less profitable, and potential create opportunities to hurt your reputation if you end up letting people down. Sounds like zero issue filling your diary with Dublin and surrounding counties anyway.