Online selling-taxes etc

White Lily

Registered User
Messages
2
Hi Everyone,
Hope you will be able to help.
I want to open an online clothing shop,but I know nothing about taxes.
How much tax will I have to pay and is it from any amount? Same with VAT?when do I have to register for it?
I will get my payments through paypal.
I'm a complete newbie.
Thanks
 
Hi Everyone,
Hope you will be able to help.
I want to open an online clothing shop,but I know nothing about taxes.
How much tax will I have to pay and is it from any amount? Same with VAT?when do I have to register for it?
I will get my payments through paypal.
I'm a complete newbie.
Thanks

if you need to ask these questions, your not ready to open your business. Register for a starting a business course with FAS as they will give you a complete understanding of whats involved, or speak to a good accountant about the steps. Dont charge in as you will leave yourself a mountain to claim trying to sort it out later.
 
You dont have to register for VAT until you have a turnover of €75,000
This would mean you would have to charge VAT at 23% but would not be able to reclaim it on any VAT you pay. Basic overview here
http://www.sage.ie/business-resources/vat-advice/index.html
You have to make a VAT return every two months.

You will need to pay Income Tax on your profits (minus all your costs)
Some info here
http://www.revenue.ie/en/tax/it/leaflets/it10.html#section2

In theory you need to do this before you start your business but given its an internet business I would see how you do first.
 
Thank you so much for you reply kmick.Very helpful. I don't expect 75k..but you never know ;)

Well I did not say I already opened it..That's why I'm asking questions-to get myself ready and know what's the story before I open it.
 
Back
Top