Registering for Vat and a business name

V

valley

Registered User
Messages
15
Hi,
I am employed full time, but in my spare time I am trying to build up an online business,So I have made some contacts with suppliers. The only problem now is that certain suppliers need a Vat Cert and a company Registration cert.How long does it normally take to get? and what implications will it have for me. do I need to tell my current boss that I am registering for vat etc. just a bit new to this so would appreciate any advice

Thanks
Paul
 
If you intend to set up as a sole-trader then you can register a Business Name at the CRO. This is NOT a company. One should take appropriate professional advice before deciding to incorporate.

One can set up as a sole-trader, get a Business Name registered (form RBN1 at cro.ie) and register for VAT (form TR1 at revenue.ie ) and continue in one's employment . The only thing one needs to be careful of is that the self-employment is not in conflict with any tems in your contract of employment. EG a hair dresser might have a term prohibiting them from setting up even on a part-time basis as it might be against the employment terms & conditions. If there is no such conflict and it in no way affects your ability to do your ordinary job then there should be no reason why you could not set up as you propose. Again, though appropriate professional advice may be warranted. Best of luck with it all.
 
Hi

do I need to tell my current boss that I am registering for vat etc
Click to expand...
Why would you want to do that?

If you register with the CRO it should only take a week to get a business name together then register for VAT under the business name, this should also take a week
Although saying that I think the CRO have a backlog at the moment.
 
thanks for the replies guys, no i would not be breaking any terms of contract, and I cannot see my boss having any issues with it,

So if I register for both I bascially needs to get Vat Receipts etc. sent of every so often right?

this is all new to me sorry
 

Ok so no conflicts with job so thats great. Regarding records etc. once registered for VAT you will be charging customers VAT at appropriate rates and will suffer VAT on inputs. Any difference will be payable to Revenue or repayable to you. You should read Revenue's guides on [broken link removed]and the [broken link removed]which are all available on Revenues website. Remember also that registration for VAT is mandatory once turnover exceeds certain thresholds ( €37,500 pa for services or €75,000 for sale of goods ) but is voluntary up to those thresholds. Depending on your customer base therefore and your turnover it may be either advantageous or not to register if under the threshold. Proper records must be maintained , again see Revenue guides on same and if in doubt as to your ability to ensure that you are doing things correctly then advice on bookkeeping/accounts/tax should be sought from appropriately qualified persons.
 
I am more or less in the same boat as above and although I have registered as a sole trader I was wondering if someone could answer the following question for me?

Is it possible for me to claim back VAT on purchases that I would make for my business even though my turnover would be under the limit specified on the revenue website?

In particular I am hoping to buy a computer to allow me perform functions for my business and would like to be able to claim back the VAT on the purchase. Is this possible?
 
You must log in or register to reply here.
Menu
Log in
Register