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Releasing an App

  • 19-06-2011 11:47AM
    #1
    Elohim
    Registered Users, Registered Users 2 Posts: 334 ✭✭


    I've been developing a few apps for the iphone and was just wondering a few things on the legal/business side of things.

    Let's say they get accepted to the App Store and started making money etc.
    Do I have to set myself up as some kind of Sole Trader with the government or any of that stuff? Or can I just put them on the store, get some income and just declare that income when they come asking for tax and stuff.


Comments

  • #2
    Draco
    Subscribers Posts: 1,911 ✭✭✭Draco


    All income needs to be declared to revenue. But you can offset legitimate expenses (I.e. Your dev license, mac, iPhone handset/iPad/touch). The most tax efficient thing to do as well is to dumP the money in a pension fund.


  • #3
    Elohim
    Registered Users, Registered Users 2 Posts: 334 ✭✭Elohim


    So before I actually start selling these apps I don't have to fill out forms and stuff for the government stating that I'm selling these things on the app store?

    Don't think I'll be sensible enough to start a pension fund, I just wanted to test the waters and see what could be done. Will probably spend any little money (if any) that comes in.


  • #4
    Draco
    Subscribers Posts: 1,911 ✭✭✭Draco


    I think you just need to be registered before 31st of October. You fill out a TR1 form and mark yourself as a sole trader and send it in. There's some numbers at the bottom of that form you can ring and get a definite answer.


  • #5
    The Corinthian
    Closed Accounts Posts: 19,777 ✭✭✭✭The Corinthian


    Elohim wrote: »
    Do I have to set myself up as some kind of Sole Trader with the government or any of that stuff? Or can I just put them on the store, get some income and just declare that income when they come asking for tax and stuff.
    There's no reason to set yourself up as a sole trader if you trade under your own name. All you need do is declare the tax via self-assessment. Waiting for them to come looking for the tax is actually called tax evasion.

    In reality, if you are only making a few hundred, or even a grand or two, the Revenue really don't care - it would cost them more in paperwork to process your taxes than the taxes they'd collect (especially after deductibles). Of course, technically you should anyway and I am not advising you not to declare your income, only that in practice this has been my experience.


  • #6
    Elohim
    Registered Users, Registered Users 2 Posts: 334 ✭✭Elohim


    The Corinthian wrote: »
    There's no reason to set yourself up as a sole trader if you trade under your own name. All you need do is declare the tax via self-assessment. Waiting for them to come looking for the tax is actually called tax evasion.

    In reality, if you are only making a few hundred, or even a grand or two, the Revenue really don't care - it would cost them more in paperwork to process your taxes than the taxes they'd collect (especially after deductibles). Of course, technically you should anyway and I am not advising you not to declare your income, only that in practice this has been my experience.

    Thanks for that, I've no intention of not declaring income, I just hadn't a clue how to go about it, still a student so never done any tax declarations etc.


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