F
flossyknits
Guest
Hi,
I'm looking for some advice regarding a business idea and what I need to do to be legal and above board. Basically I want to expand my hobby and move on to selling some of the craft items I make.
I am currently and will continue to be a PAYE worker so that will be my main source of income. The craft business will be part-time based at home and I suspect very small, particularly starting off. Initially I would work on a commission basis- making to order, but would hope down the road to produce enough to sell at craft fairs and perhaps online.
I want to have a business name that isn't my own so will need to register that with the CRO. From what I've read I'd be best registering as a sole trader- is that right? Can you be a sole trader and only have to fill in a form 12 (assuming income would be less than the threshold) or would you have to complete the form 11?
I don't think I would need to register for VAT as turnover would be below the threshold?
What kinds of records are needed- is it basically x amount spent on supplies, sold for y amount, profit is z? or is there more to it than that?
I currently buy supplies (eg fabric, yarn) for personal use in retail shops or online (sometimes from the US)- is there anything different that should be done for business use? I would prefer to keep things as simple as possible!
I pay PRSI class A already- will I have to pay self employed PRSI as well? how would that affect pension/ benefit entitlements down the road?
Is your house or car insurance affected as well? Would the council charge me rates?
Apologies for all the questions but I'm trying to get my head around what I need to do to comply and its proving difficult to find all the information I need in plain english. I don't have a background in business so welcome any and all advice. thanks
I'm looking for some advice regarding a business idea and what I need to do to be legal and above board. Basically I want to expand my hobby and move on to selling some of the craft items I make.
I am currently and will continue to be a PAYE worker so that will be my main source of income. The craft business will be part-time based at home and I suspect very small, particularly starting off. Initially I would work on a commission basis- making to order, but would hope down the road to produce enough to sell at craft fairs and perhaps online.
I want to have a business name that isn't my own so will need to register that with the CRO. From what I've read I'd be best registering as a sole trader- is that right? Can you be a sole trader and only have to fill in a form 12 (assuming income would be less than the threshold) or would you have to complete the form 11?
I don't think I would need to register for VAT as turnover would be below the threshold?
What kinds of records are needed- is it basically x amount spent on supplies, sold for y amount, profit is z? or is there more to it than that?
I currently buy supplies (eg fabric, yarn) for personal use in retail shops or online (sometimes from the US)- is there anything different that should be done for business use? I would prefer to keep things as simple as possible!
I pay PRSI class A already- will I have to pay self employed PRSI as well? how would that affect pension/ benefit entitlements down the road?
Is your house or car insurance affected as well? Would the council charge me rates?
Apologies for all the questions but I'm trying to get my head around what I need to do to comply and its proving difficult to find all the information I need in plain english. I don't have a background in business so welcome any and all advice. thanks