business reg. date? Is tax return calculated from then?

H

hface

Guest
Hi there,

I have a quick question. I registered my business name last october as I needed to do so I could work on my website, get domain name etc. I only finished working as a PAYE employee in January 2007 and now am working full-time setting up my business ie. registering for tax etc. I have not been trading so receiving no income. As far as I was aware the first return I will make will be in October 2008 but a friend of mine has told me that my business in effect started trading last October and not when I registered for tax... Does anyone know the answer to this???? I hope my query is not confusing???

thanks
 
As far as I am aware the requirement to register a business name ( under the Registration of Business Names Act 1963 ) is not connected with your registration for tax purposes, which you'll be doing on Revenue form TR1 if sole trader or TR2 if ltd company. I believe that you are therefore correct in registering for taxes now when the business is actually starting.
 
Thanks for that. That is what I thought too but had an arguement with a friend of mine who said the contrary... Its not a massive problem but would have thought that they were not linked.
 
registration of the business name as previous poster has indicated has no effect on your taxation status. If you only commenced your business activities in Jan 07 this is your official start of trading and your first tax year as schedule D tax payer. You should get yourself an accountant during the year to advise you professinally and help with the tax returns etc.
 
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