Hi All
She is aged thirteen and keen to have started her mini company....Great.
I have encouraged her all the way and am so proud of her determination to date.
She is importing product from China and adding a mechanism to facilitate the great game of Hurling and re branding it and selling it to the end user or GAA clubs..........Keen not to break forum rules here.
I cannot have my name linked to this company for pure and legitimate reasons.
My concerns are liability for VAT, Income tax, books later on which will ultimately fall back on us her parents if anything crops up! These units are not cheap and retail for 40 Euro each. She has pre-sold 120 units so far and is probably going to sell lots more !
I have researched and know that up to 37,500 Euro does not require registration for Vat. However she will pay 23% flat rate either way when product arrives here. Would it be desirable to have company registered for VAT. Note not sure if this can be done legally.
Any help or pointing in the right direction would be greatly appreciated.
Regards
Tiggy
She is aged thirteen and keen to have started her mini company....Great.
I have encouraged her all the way and am so proud of her determination to date.
She is importing product from China and adding a mechanism to facilitate the great game of Hurling and re branding it and selling it to the end user or GAA clubs..........Keen not to break forum rules here.
I cannot have my name linked to this company for pure and legitimate reasons.
My concerns are liability for VAT, Income tax, books later on which will ultimately fall back on us her parents if anything crops up! These units are not cheap and retail for 40 Euro each. She has pre-sold 120 units so far and is probably going to sell lots more !
I have researched and know that up to 37,500 Euro does not require registration for Vat. However she will pay 23% flat rate either way when product arrives here. Would it be desirable to have company registered for VAT. Note not sure if this can be done legally.
Any help or pointing in the right direction would be greatly appreciated.
Regards
Tiggy