Congratulations, you have a business idea that you wish to proceed with.
The next step is to understand how to structure your business. In Ireland, there are two options for entrepreneurs – Sole Trader. Limited Company.
Option 1. Sole Trader
Sole Trader is the easiest option to structure your business.
Register yourself with the Revenue Commissioners as a Sole Trader and file income tax returns every year before the end of October. The advantages of this option are that it is quite easy to maintain the books and there is no requirement for an audit. This greatly reduces your accounting fees.
You must also register your business name with the CRO. Just remember to display the business name certificate at your business location. You will also need to provide the bank with a copy to open a bank account for your business. Your business/trading name need not be original, but the company name must always be unique.
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Accountancy is a fundamental part of any business and it is vital that accounting duties are executed properly. Moreover than just dealing with the figures, most accountants offer a full-circle service of managing tax, bookkeeping and often payroll too which makes them a key part of many companies. But what happens if the service that your accountant is providing falls short of your expectations? Many people do not realise that changing your accountant if you are unhappy could be easier than you think.
When I sign up a new client, I always ask them what has prompted them to move. Very often the trigger to move is something very small, but has been preceded by a catalogue of normally poor client service, mistakes and rising fees.
If you are setting up a company, you will need to find out if you are liable for corporation tax as soon as possible. Starting up any business and dealing with the practicalities makes for an understandably busy time, but neglecting the basics can be costly and time consuming for your business. By ensuring you are aware of business tax rules from the start, you could save time and money.
It’s a tough market for job-seekers, and continuing reports of a lack of employment opportunities coupled with rising redundancies can make the future look bleak.
It’s time to start thinking of the term ‘umbrella’ as something other than an item that can protect you from our lousy British weather. In today’s society, the umbrella company is a concept which is increasingly thrown around, yet unless you are considering becoming self employed or a freelance worker you are probably unaware of what the term means or what these companies do.
Putting money aside and budgeting to spend less than you earn can help build up what might be an invaluable fund should things go wrong, but how can you help you cash earn some interest while you have it stashed away?
When considering starting up a business, there are a number of factors to think about. One of the most fundamental is deciding on the type of entity to run your business under. Typically, the most common business entities are sole traderships, limited companies and partnerships.
REVENUE is preparing a crackdown on thousands of engineers and IT professionals after uncovering “deliberate understatement” of tax by those who have set up companies to trade as independent contractors but work for a single client. The planned swoop, notified by Revenue to tax advisers last week, will concentrate initially on Cork, Limerick, Kerry and Clare, although a nationwide investigation is expected to follow. Revenue has attempted to draw more taxpayers into the PAYE net in recent years, even those without employment contracts, if they work mostly or exclusively for a single client. The current move represents the first attempt to extend the PAYE net to a growing army of IT professionals who prefer the flexibility of working as independent contractors. Revenue is offering reduced penalties to encourage voluntary disclosure of underpaid tax.
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