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First of all (although I'd prefer to stay a sole trader) the company where I have a really good offer from is pushing for a company to be set up.
It's no longer that easy to set up and operate a company. because of the strict reprting requrements and heavy fines for late filing etc. unless you are very experienced you will need to employ the services of an accountant.I've googled and come up that I'll need to complete Form STR and TR2 for revenue and can buy an off the shelf company from companies office.
See comments above re accountant. Even with some prior experience I ended up getting a fine for missing out on some essential forms.Is the TR2 all I need to register me for VAT and PAYE? I will be the only employee of the company
You will be an employee of the company and pay A1 class.I'll be a director and an employee but when I pay PAYE on whatever salary I pay myself will I pay PRSI at the A or S class?
If I work from home - maybe 10% of my total working hours - can I claim a % of ESB/Heating as an expense of the business?
And is this something that needs to be agreed with my district tax office beforehand?
At the end of each period when VAT/PAYE returns have to be made will revenue notify me before they fall due and send out details of what I need to send back? (once I have registered) (trying to do as much as possible myself!)
see comment above re downsides of incorporation. Only real way of taking money out of the company is salary or dividend both of which will incur tax at marginal rates. If you are putting in initial capital however there is some benefit in putting in loan rather than share capital as loan capital can be withdrawn without incurring tax.Is there any benefit in keeping my salary lower and leaving money in the business after year end? I know corporation tax is only 12.5% but is there any way of getting that money out of the business?
You will be on class SYou will be an employee of the company and pay A1 class.
You will be on class S
Go to a company formations company, they will be much cheaper than an accountant.
You can do the day to day returns your self if you have any accounting experience.
Ask someone on the accounting forum on boards.ie to go through the first few returns with you until you are comfortable.
Companies setup for contracting have a small amount of transactions, so should not really require an accountant.
Bad advice. Always use a qualified accountant. Shop around and/or get a referral. I am an accountant and it is unreal the mess that is made when people try to do their own accounts/filing. Fines, undeclared taxes, etc..
Bad advice. Always use a qualified accountant. Shop around and/or get a referral. I am an accountant and it is unreal the mess that is made when people try to do their own accounts/filing. Fines, undeclared taxes, etc..
Balderdash, to the point that I suspect this might be a troll.Doing your accounts is very simple.
...VAT is nothing, one simple form every 2 months....
Paying your self again simple ...Corporation Tax & Prem Tax again simple
...CRO A form once a year.
This imho is perilously close to breaking the "dont attack other posters" posting guideline.In fairness simplyjoe,
If you are only dealing with people who have made a mess of their account,
it reflects badly on you.
As obviously they are in a state of deperation and that must be the type of business you achieve
100% stand behind the simplicity of doing your own accounts.Balderdash, to the point that I suspect this might be a troll.
He stated the type of clients he has, to justify calling my advise bad, I gave my interpretation of this statement.This imho is perilously close to breaking the "dont attack other posters" posting guideline.
In fairness simplyjoe,
If you are only dealing with people who have made a mess of their account,
it reflects badly on you.
As obviously they are in a state of deperation and that must be the type of business you achieve
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