Hi All,
I am aware of the implications of setting up as a sole trader vs ltd company and have decided to choose the sole trader option. I intend to rent a premises in my local town and set up a retail store with clothing etc. I would like to employee 2-3 part time staff so therefore I must register for PAYE and PRSI. My question surrounds VAT. I expect my turnover to be approx €70k in year 1 so I must decide whether to register for VAT or not. Problem is, I cannot understand VAT and therefore I cannot figure out which is best to do. I know that should my turnover hit €75k then I must register for VAT. The more I read about VAT, the more I get confused. Please could anybody help me to understand?
PS Are there any other considerations which I should take in to account?
I am aware of the implications of setting up as a sole trader vs ltd company and have decided to choose the sole trader option. I intend to rent a premises in my local town and set up a retail store with clothing etc. I would like to employee 2-3 part time staff so therefore I must register for PAYE and PRSI. My question surrounds VAT. I expect my turnover to be approx €70k in year 1 so I must decide whether to register for VAT or not. Problem is, I cannot understand VAT and therefore I cannot figure out which is best to do. I know that should my turnover hit €75k then I must register for VAT. The more I read about VAT, the more I get confused. Please could anybody help me to understand?
PS Are there any other considerations which I should take in to account?