Working From Home Retail Business

N

newborn

Guest
I have a retail business idea, but for starters, I will be buying from wholesalers and reselling them to various potential customers from home. I already know I will have to register as self employed as I will be selling for profit, but I will need advise on how to invoice & bill buyers, receipts and record keeping for tax purposes. I really want to run this as a profitable business & later get my own website & possibly my own store. Please help
 
You need to take professional advice - you can get general advice on a forum like this, but this is no substitute for professional advice.
 
yes I realise this, but general advise will do for now please, just need to have an Idea, of how to go about this
 
If you don't know how to invoice your customers I wouldn't be thinking of setting up in business
 
Operating a business from your home may well have implications for your home - e.g. need for additional insurance, planning permission, partial loss of CGT exemption etc. Maybe talk to Enterprise Ireland or your local enterprise board to get some advice. www.basis.ie might also have some useful info.
 
capall said:
If you don't know how to invoice your customers I wouldn't be thinking of setting up in business
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what I mean is , are there any special invoice or receipt papers/ documents that I need, or would I have to professionally print this at the printers with my biz name & all on it, or just buy invoice /receipt booklets, do I take cash or cheques etc.this is what I really dont understand.
 
newborn said:
what I mean is , are there any special invoice or receipt papers/ documents that I need, or would I have to professionally print this at the printers with my biz name & all on it, or just buy invoice /receipt booklets, do I take cash or cheques etc.this is what I really dont understand.
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Who are your customers ? Are you planning on giving them handwritten invoices ? They will need a document that at least complies with vat law as this is what they use to reclaim vat charged

Who pays in cash these days ? Except if sales are being kept of the books
 
Your best bet is to heed the advice above and read some books on starting your business. Use the web, www.revenue.ie might be a bit technical but it has all the information regarding tax that you will need.

At this stage, though, you need to speak to someone. A few euro spent now with an accountant will save you a lot in the future. I would recomend calling a local accountant and ask if they could meet you for an hour, agree a charge with them. Don't be shy about writing down every conveivable question you have no mater how stupid you think it might sound before you meet and ask.


Depending on who your customers are you may be required to record your vat on a cash receipts basis rather than on an invocie basis.

I would also advise you get help in setting up various other elements of the business. Again as mentioned earlier if you are going to have stock at your own house you will need separate insurance. Your home insurance will not cover loss of commerical stocks.
 
command said:
Depending on who your customers are you may be required to record your vat on a cash receipts basis rather than on an invoice basis.
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Cash receipts basis is a far better option for a small business. There is little sense in paying the VAT element of uncollected debts before you receive the money.
 
To answer the original query, it sounds like you should think about getting some accounts software. There are quite a few available that will do what you want.

Try a few of them out first to see if you're happy with them. For Example;

www.sortmybooks.com
or
www.mamut.ie

Some will also do stock control, and you might be able to integrate with your webstore when that goes on line.

[NOTE: The company I work for is affiliated with mamut]
 
capall said:
If you don't know how to invoice your customers I wouldn't be thinking of setting up in business
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I would advice the OP and anyone else reading this who is thinking of starting a business to completely ignore this advice. Invoicing, budgets, book-keeping etc. are the behind the scenes machinery that keeps your business ticking over. They're extremely important and not to be compromised but the fact that you may be inexperienced with them shouldn't stand in your way for even half a second.
 
newborn said:
what I mean is , are there any special invoice or receipt papers/ documents that I need, or would I have to professionally print this at the printers with my biz name & all on it, or just buy invoice /receipt booklets, do I take cash or cheques etc.this is what I really dont understand.
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Prepare a nice letterhead using your standard microsoft software with all your info on it and maybe a logo. Include your VAT number and all of your contact info and use this for everything. No need to pay out money to a printers.
Aside from saving money it is easier to do invoices directly on your PC and printing on to a blank sheet than preparing and sizing them so that they will fit into the right space on a pre printed letterhead.
 
woods said:
Include your VAT number and all of your contact info and use this for everything.
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Why? Another thread suggests that including your VAT number is not mandatory and, in fact, might be something to avoid.
 
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