How do I set up as a Sole Trader

DerekMoy

Registered User
Messages
15
I work during the day but have an opportunity to do some part time graphic design work at home in the evenings. I expect those I will be working for will require it to be legitimate so that they can work with me. But how do I set up as a sole trader and will I find myself under mountains of tax returns and VAT returns etc
 
You need to register for Income Tax with a form TR1.
You will need to prepare annual accounts and submit a Form 11 tax return each year.
Whether or not you need to register for VAT will depend on your turnover - or, you may wish to register for VAT.
I suggest you take professional advice.

www.taxingtimes.ie
 
Remember if you are intending to trade as a sole trader in a name that is not your own personal name you must register this name with the Companies Registration Office on a form called RBN1
 
Thes costs will depend on your individual circumstances, and will vary depending on the number of invoices, expenses incurred, and whether your records are kept in good order.

Most accountants and advisors offer a free initial meeting - contact me if you want to.
 
I set up as a sole trader and registered a trading name - that was dead easy. I let the Tax people know and that was that until I had to file in my first tax return.

Having worked in accounts for a few years I knew how to keep my own records. I did my tax return online in less than one hour. It was all very simple, though I have simple tax affairs and don't have a PAYE job to take into account.

I don't think dealing with tax should stop you working, just my 2c...