Going self employed - What about VAT?

N

nossie

Registered User
Messages
37
Hi guys.
As the title suggests I'm going out on my own doing I.T. work. I seem to have a lot of work on to get me started and the future is promising. Now it's time to get it all setup right with the tax man but I don't know what to do about the VAT.
I'm mostly only selling man power and almost no goods. Think for example if I setup a website for somebody there could be 100 hours of labour and nothing more. I'm projecting about 50k - 75k gross earnings and I will have to make some purchases necessary and expenses for my work, "PC, laptop - Video Camera - Broadband" all the usual hi-tech junk for I.T. and possibly a car over 5 years if it makes financial sense and occasionally some sub contracting.

Of course I want to make best use of the company's tax rights and avoid any pitfalls so any help and suggestions please.

:0)
 
You will need an accountant eventually to complete your tax returns. Best to engage one now and get their advice.
 
register for v.a.t as you will probaly provide services over the threshold for registering (not sure what it is for services,check revenue website )register as a sole trader and keep all your reciepts for purchases etc connected with your business,you should engage an accountant from the start to make sure you have all angles covered,best of luck !
 
Hey thanks guys.
I'm in touch with a guy who works on high level accountancy for big firms and I also have a cool girl friend who's sitting her CPA exam just this morning. So my guy has agreed to mentor her in doing my tiny biz accounts!

Right now I'm doing the www.revenue.ie bit so here goes nothing! :0)

woohoo no more 9-5 drudgery and horray for the 80 hour weeks ahead!

"This time next year we'll be millionaires!" - Delboy.
 
You must log in or register to reply here.
Back
Top