Turning self-employed - what's involved?

B

bobjim

Registered User
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27
Hi,
I've recently taken a redundancy package and am considering striking out as self-employed - but would like to know what exactly is involved in doing so. I've looked here on AAM and on Oasis.ie but can't find what I'm looking for, which is basically a guide to what I need to do in order and maybe some potential pitfalls.....Not so much to do with being self-employed but more with the mechanics of setting up as one.

I know I need to inform the Revenue but I'm also told I need to register for VAT and get a C2 - are these the same thing? What does it mean anyway? Should I talk to an accountant, do I need to have one?? Do I need insurance - for myself and for my car if it is to be used for work purposes?? I presume a separate bank account is needed.........Are any grants/welfare payments available?? What about income protection - is it worthwhile?

As you can see, a lot of questions that I need help on before I definitely decide to take the plunge so any advice would be greatly appreciated.

Thanks,
BoBJiM
 
It depends on your type of business.
In some instances it's better to set up as a sole trader, in other a limited company is the way to go.
Regarding tax go into the tax office and they will tell you everything you need to know. They are incredibly helpful and at least you know you'll have the right info from the get go.
Get a good accountant to advise. They haveto sign off on your end of year accounts if a ltd company.
Getting a grant will depend on your type of business. Don't think there's any welfare payments you can claim.
Income protection only works if you set up a limited company and when it stops trading it's disolved (the tax man takes a HUGE interest in this). The company has to be in existence for a given time before this kicks in.
There isn't a one size fits all. Talk to revenue, maybe FAS and an accountant for the best advice
 
The technical side of becoming self employed is quite straight forward.Make an appointment with the business advisor of your local enterprise board and they will take you though the steps. For a very simple but thorough guide on setting up a business look up www.welfare.ie go into the publications section and look up 'Toil and Trouble'. It will answer most of you questions.

Cheers
tangerine
 
Crea said:
Regarding tax go into the tax office and they will tell you everything you need to know. They are incredibly helpful and at least you know you'll have the right info from the get go.
Click to expand...
Not in my experience

Crea said:
Get a good accountant to advise. They haveto sign off on your end of year accounts if a ltd company.
Click to expand...
Only if you make millions

Crea said:
Income protection only works if you set up a limited company and when it stops trading it's disolved (the tax man takes a HUGE interest in this). The company has to be in existence for a given time before this kicks in.
Click to expand...
Sole traders can also get income protection
 
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