what forms, accounts, procedures do we need to form a company?

G

Gary 23

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Hi
I know this has probably been covered on this site a few times already but i thought i would ask the question to fit my circumstances.
I am in the process of setting up a company and i would like to know what procedures, forms and accounts we have to submit to the various organisations.
The situation is as follows: myself and my brother want to set up a company buying goods from abroad and selling them in ireland. To do this most of the wholesalers are looking for company reg number and vat number etc. we are considering setting up a private limited company for this reason. It will just be myself and my brother involved in this and i cannot see us earning over 20000 in a year. i was wondering if anybody can tell me what we might be exempt from and what forms and procedures we may have to furnish to the cro, revenue etc.

Any help on this is much appreciated.

Regards
Gary
 
The best advice is to go to an accountant.. When you say earnings of 20k, I assume you mean sales of 20k. If so, then you may not need to set up a limited company - a partnership between you may be more beneficial.

If you are only generating 20k sales then I assume it is a part time trade, so any other income will have to be looked at.
 
I have a similar query to Gary 23, so i thought id ask here rather than start a new thread. I started a pet sitting business last year, involving minding peoples pets in their own homes while they are away. Many people have asked about insurance (which i dont have) and whether i am paying tax (em..not doin that either). Ive made just over €5k. Its a part time business and work it in and around my full time job which i obviously pay all the tax necessary! My questions are 1. can i earn extra money up to a certain amount and not declare it 2.if the revenue finds out what will happen 3. if i get insurance, what kind do i get?It wouldnt be worth my while paying 00s or 1000s every year if i only earn a small amount. 4. if i wanted to register the business,who do i go to.
This started as a small thing to earn some extra cash i.e like babysitting, but i dont want to get in over my head or get in trouble re:not declaring earnings or not having insurance. Any advice much appreciated!
 
swordshead said:
I started a pet sitting business last year.........



1. can i earn extra money up to a certain amount and not declare it
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No. If you are already paying tax at work then your net income from this businss will be liable to tax/prsi at your highest rate.

2.if the revenue finds out what will happen
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The Revenue doesn't thave to wait to find out. It's the responsibility of the taxpayer to tell them. Interest/penalties etc. all the usual stuff.

3. if i get insurance, what kind do i get?It wouldnt be worth my while paying 00s or 1000s every year if i only earn a small amount.
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Check with an insurance broker / company. Must be something out there for this type of businss.

4. if i wanted to register the business,who do i go to.
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As sole trader, go to www.revenue.ie and file TR1. If using business name also need to go to www.cro.ie and file RBN1 as business name.
Won't even go into companies as not likely to be worth it in your situation.

Remember its the net income after allowable expenses that's charged to tax, so make sure you keep note of your costs.
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Hey,

I was in a similar position to Gary23 about setting up a company or just as a sole trader but got a lot of useful questions answered at [broken link removed] or on www.revenue.ie

Good luck

WW
 
You should never rely on a company formations agency for advice as to whether you need to set up a company. They only make money when people set up companies and they are hardly going to do themselves out of work and income by persuading people that they don't need to avail of their services. Similarly, Revenue give basic guidance on complying with one's tax obligations but as a matter of policy don't assist people in planning or minimising their tax liabilities.
 
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