Hi, Just starting business as sole-trader on 1'st of October 2008 and I'm so lost about everything...!!! I need help, if anyone can give me an advice - would be great!
I will list most what I can:
1) I'm planing to earn up to EUR70k-EUR80k per year
2) i have Registered the business name already on
www.CRO.ie and have opened a bank account for business...
3) Shop lease is ~EUR20k per year incl.VAT
4) Calculated that ESB + broadband + phone line would fit to 5k a year
5) I will be the owner, manager, and I.T.Engineer myself in the shop all the time (Unless I'll get to busy I will have to get receptionist then
)
6) I will provide electronic goods repair & maintenance services and maybe would sell few bits and pieces...
Lets say I'm doing business for first 6 months and I allready have ~ EUR50K income - and its clearly visible that I going to reach another EUR50K in the next 6 months...how should I do? - register for VAT from the begining or how else?
I don't know what is the turnover for 2008 / 2009 , and what is better when just starting business for the first time... Register for VAT or DONT REGISTER...
What about income TAX - How is it calculated from the i.e. EUR70K-EUR80K I'm planing to have?
thanks kindly for all yours opinions!