new business registration

D

dray

Guest
Hi all,
I sent off tr1 form last year 08, I had to register as self employed (sole trader) to receive a tax clearance cert which is a requirement when applying for a psv taxi licence, to make a long story short I got the tcc sent it off with my psv application and waited a long time for my psv test date and then passed it at the end of 08 with the intention of renting a taxi. Now in 2009 I have decided not to get into the taxi business for obvious reasons.

I have set up a new business which i think can do well in these difficult
times and has a niche market. I have my business name cert.

My question is, will I need to send of another tr1 form with my new business details or is a letter telling tax office about my business sufficient.

your advice appreciated
 
Re: new buisness registration

Hi

My advise would be to cancel the old one.

Wait until you are sure that the new business actually requires a registration for VAT then apply for a new one for the new business.

Good luck

DB
 
Re: new buisness registration

Why would i need to cancel tax registration.
would it not be a case of just letting revenue know
start dates and new business name.

Vat registration is a different issue at these early stages
I am mainly talking about tr1 form for income tax.
thanks
 
Re: new buisness registration

Drav

I apollogise I misread your post.

You woud indeed just let revenue know your new business in that case. I believe you can do that when you file you income tax return.

Regards


DB
 
Re: new buisness registration

If you have already registered for Income Tax (Self-assessed) on Form TR1 from 2008 then you are already set up. Revenue will expect a tax return in due course for 2008. If there is no income under self-assessment in 2008 you can simply state that when filing the tax return. You could notify them of the change in type of business, i.e. from taxi to whatever but that will make little difference at this point. You can enter the type of business on the tax return when filing.

Be aware that while the taxi business would have been VAT exempt, other businesses may be VATable and there are thresholds over which registration is obligatory. ( €37,500 for services and €75,000 for sale of goods )
 
Re: new buisness registration

Thanks for your replies
dray
 
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