gnf_ireland
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I suggested both should register their business name with the CRO (fee 20 euro) to formalise the name and allow them better access to website domains and protection in the future, if needed.
They realise that any loss can only be used against future profits in this area and not against the other income.
My advice: enjoy your hobbies as they are. Don't spoil them by trying to turn them into businesses with all the headaches that this entails.
This will not happen in either case. One of the guys is in the medical profession so unlikely to give that up to grow vegetables. The other works as a lecturer, so the same would apply I am guessingThe only possible reason they could be considering it as a business activity, is if they have a plan to turn it into a full-time business
If it's a hobby, and it generates a little positive cash flow, I wouldn't necessarily count that as taxable income. If all outgoings are included it's unlikely to be such anyway. But that all really depends on the circumstances of the case.So taking that into account, lets say they actually manage to turn over a profit in year 1 (2018), how is it best handled from a taxation point of view? Just declare it as supplementary income on the IT return?
My advice: enjoy your hobbies as they are. Don't spoil them by trying to turn them into businesses with all the headaches that this entails.
Yes, unless your hobby is making uilleann pipes.Don't turn a hobby into a business.
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