Steps to Start Off as a Sole Trader

B

bearaman

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Hi All,
I've starting a small business doing web design while keeping my PAYE job for now. I'm wondering if I need to set myself up as a sole trader with the help of a solicitor or can I do it all myself? Is there a list of step-by-step instructions out there on how to register myself, what expenses I can can, what to watch out for, etc?
Thanks for your time,
Bearaman
 
well, the first thing you'll need is a good accountant. Then, through your accountant, you can recieve a form to fill out to register your company name with the CRO (companies register office) for a fee of €45. You could do it all yourself, but advice from an accountant would be benificial. Then, if your going to be charging VAT, you'll need to register for vat. After that its just keeping records for a vat return every two months. If your just doing website design, you'll probally be doing it from home (recomended) so you can then claim back the vat on your phone, esb, etc. When registering with the CRO, you can use your own name for the business or choose to trade under a business name. For information on this google CRO in irish pages to see what exactly you'll need.
 
If you are setting up a small business in tandem with your own work, then keep it simple - just three steps ( all legal obligations)
1.Register with Revenue Commissioners - Sole trader. Dont think you requre Limitied Company Entity Yet.
2. Register your business name with the Companies registration Office.
3. Keep books of account in accordance with revenue requirements - Money in /Out

Separate bank account recommended.
Look up Toil & Trouble at www.welfare.ie/publications

Tangerine
 
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