Starting a Tax Back company. Advice needed.

I'm a web entrepreneur in the process of starting an online Tax rebate service in Ireland. Similar to TaxBack DOT com.

I've done some study on tax regulations in Ireland, I've been in touch with Revenue and I've studied the application process and guidelines to apply for a TAIN (Tax Agent Identification Number).

I've picked a company name. I'm developing the site. I've registered the business with the CRO as a sole trader. I'll be bootstrapping the business at the start.

I'm tying the loose ends together. I've talked to a Tax Accountant already briefly, however I'd like to consult with someone more experience in this field.

I have some basic questions about requesting a Statement of Liability and the day-to-day workflow of such a company. I'm a Business, Tech and Marketing guy on the Web, so that's what I bring to the table. I'm not a Tax Accountant.

I need initial advice and possibly a follow-on direct consultation. What pitfalls are there when running this type of enterprise? I'll be a new entry in the industry, albeit with a fresh approach to marketing.

Any advice?

You do realise that there already companies working in this area in Ireland?

You would need to show a lot more understanding of Irish tax laws and customs if you want to setup a viable business, imho

It seems to me that you do not have the knowledge of tax practice which would be fundamental.

You need to acquire this knowledge and through sitting down with a tax consultant.

You will need to stay up to date.

You need a partner with a background in tax.



Brendan

Thanks. Agreed.

I'm looking for someone who knows this area really well and is available for a consultation.

Mimicking an existing incumbent's business model is likely to end in failure unless you have a compelling USP that can't be easily replicated by the incumbent or by others.

You'll need a lot more than a consultation with a tax professional.

Thanks for the advice guys. I don't wish to hijack my own thread discussing the finer points of business strategy. I have it in-hand.

Just looking for a Tax Pro with experience in this area who's available for consultation work.

Head hunt someone from taxback

Myuser01 said:

I have some basic questions about requesting a Statement of Liability and the day-to-day workflow of such a company. I'm a Business, Tech and Marketing guy on the Web, so that's what I bring to the table. I'm not a Tax Accountant.

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I don't see that you're bringing anything of value to the table for a potential customer

Brendan Burgess said:

Head hunt someone from taxback

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Unless it's someone senior, I'd be slow to back that suggestion, tbh.

My own previous experiences with that operation was poor - bad customer service, across 3-4 of their staff.

That said, they probably have the lions share of the market, for people looking to outsource the process, on a budget, so I agree with Mr. McGibney's comments above.

Actually, I will go further.

If you are interested in such a business, get a job with taxback and find out how it works. But check the employment contract first to make sure it does not bar you from setting up on your own.

Brendan

Thanks guys. I've a follow-on question.

The biggest obstacle for client uptake in this niche is establishing trust & credibility.

I have a few thoughts on this, but if anyone has any ideas for a new entry in the market I'd love to hear them?

Im not sure I fully agree, but I do understand, the arguments that OP can not do this without his own personal experience of tax.

There are plenty of techy brains, website types, who can make a lot of money providing platforms and ecosystems. OP has been pretty transparent in saying tech and marketing is his strength, they can potentially secure the knowledge required via a consultant or employee - a consultant may make a lot of sense, as could cost less than a full time employee at the level needed, can be ramped up and down, can be changed for different niche questions.

Myuser01 said:

if anyone has any ideas for a new entry in the market I'd love to hear them?

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Don't rely exclusively on tech.

Have someone at the end of a phone to whom customers can speak.

Brendan

Nice!

Read up on porter five forces (seriously) for this idea

cally1990 said:

Read up on porter five forces (seriously) for this idea

Porter's Five Forces Explained and How to Use the Model

Porter's five forces determine the shape of an industry, from internal competition to the negotiating power of customers and suppliers.

www.investopedia.com

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Thanks

Worth talking to your Local Enterprise Office as they can give guidance and support in terms of starting up and running a business. They also provide grant aid so worth considering, albeit you will need to show your business plan.