Business start-up question

K

Kat1

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I have recently set up a ltd. company for contracting purposes - I wanted to avoid paying an agency a cut of my salary, also I hope to develop the company as a consultancy further down the road.

I am finding the Tax requirements for the business involves a lot of reading and understanding. I have the company set up - I have set up a bank account and I have just filled in the TR2 form to register for VAT.

My question is, is there anywhere other than the CRO and revenue site that can help you understand the whole process a little better. I am also interested in doing a course in starting your own business or even a course that is mainly finance related - if anyone has any recommendations or advice!
 
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Hi Nicky, I actually paid the fee for an accountant to set up the company as the time to draw up memorandum and articles of association would have taken too long and been too complicated - I would advise anyone to do at least this, if you do not contract them for any other services.
 
Thanks Kat1,
Did you pay fee round € 300-400 to the CRO and they set up it ?
 
is there anywhere other than the CRO and revenue site that can help you understand the whole process a little better
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You could read up on the subject at http://www.startingabusinessinireland.com/

The same guy wrote a book of the same title.

Best is to talk to people who have gone through that process before you, such as me.

I would advise against doing a finance course to keep up with the business. Find a good accountant who will look after that side of things for you while you focus on what you do best and... find clients! You could go through a managed services type operation who will charge about 150 per month to do your accounts. Well worth it as with a Limited company you would otherwise at least pay that at the end of the year to have an accountant close your account. I have no recommendation other than to avoid 'Prima' (if I may name names...) who did more bad than good to me last year. I ditched them after a few months and said goodbye to my money too. Anyway, they might have sorted their difficulties by now.

to draw up memorandum and articles of association would have taken too long and been too complicated
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Not necessarily, you could buy pre-printed legal stationery for about €20. The price of €300-400 seems pretty standard anyway and saves you some hassle. I did a lot of comparison shopping back then...

Best of luck to all
 
Thanks D2X2, appreciate the feedback and the tip on that company - heard that before!

Shop around for the quote on company formation Nicky - I managed to get mine done for €269 - through tough negotiation!!!! I would not pay more than €300!
 
Thanks D2X2 & Kat1,
Probably to find an accountan and ask him to form a Company is the best way to start up, more questions please, I am looking for an oficce ( a small room with a table, access to broadband, car parking space, etc),
had a look at daft.ie for sharing office, found virtual office for € 120 per month, but prefer to get a real one, also if I need a loan, is there any low % for a small business, not 7-10 % in the banks, any ways to look for please ?
 
go to your county enterprise board - they have funds available to give as grants to various startup businesses as well as a useful source of information and contacts foro SMEs - worth checking out.
 
Kat1 said:
Thanks D2X2, appreciate the feedback and the tip on that company - heard that before!

Shop around for the quote on company formation Nicky - I managed to get mine done for €269 - through tough negotiation!!!! I would not pay more than €300!
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Tough negotiation perhaps but imho a very false economy, if you set up a company without knowing even the basic tax implications, as per your post here

Kat1 said:
Hi

I'm confused as to what my tax liability is as a private ltd. company. I contract services and I am the only one working in the company. I have registered for VAT and filled in the TR2 form.

When I recieve payment - I subtract my expenses of the business ( for example, phone, electricity, etc. - how much of this do I apportion to business and private - if business is carried out in the home - how much is allowable?).

Also do I just pay Corporate tax and VAT? Am I liable to Income tax also as a director? Anyone who can explain the process in simple terms? Thanks for your help.
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http://www.askaboutmoney.com/showthread.php?t=77303
 
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