N
newventure
Guest
I have set up a limited company with a family member. We will be trading in art, which we’ve lots of experience in.We have used our savings to fund it.
However, I have no idea about tax or bookkeeping. We just registered with the CRO in the last week and also set up a bank account. We have also started purchasing stock but won’t be selling anything until at least September. I have a few questions. I called the revenue but they really weren’t very helpful. I wonder if anyone could assist me with these below:
1.Regarding tax, do we need to register with the revenue straight away or wait until we file a return?
2. Do we need to file a tax return six or nine months after we start up?
3. Someone mentioned to me that there is a special tax exemption on profits scheme for the first 2-3 years of trading for new businesses. Does anyone know how that works, or if there is a specific website where I can get information on it?
4. We will not register for VAT as our turnover will most likely be under €70k for 2012. Once we reach the threshold how soon do we need to register for VAT?
5.What would happen in the unlikely event that a painting made a lot more money then projected and we earned over the VAT threshold? Would we get fined or can we register at that point?
6. The other director lives in Ireland. I currently live outside the EU in a developing country. I want to keep up my PRSI, as I am not initialed to a state pension where I live and also would like to move back to Ireland in the near future. Can I pay myself like a resident of Ireland or do I need to do something else?
However, I have no idea about tax or bookkeeping. We just registered with the CRO in the last week and also set up a bank account. We have also started purchasing stock but won’t be selling anything until at least September. I have a few questions. I called the revenue but they really weren’t very helpful. I wonder if anyone could assist me with these below:
1.Regarding tax, do we need to register with the revenue straight away or wait until we file a return?
2. Do we need to file a tax return six or nine months after we start up?
3. Someone mentioned to me that there is a special tax exemption on profits scheme for the first 2-3 years of trading for new businesses. Does anyone know how that works, or if there is a specific website where I can get information on it?
4. We will not register for VAT as our turnover will most likely be under €70k for 2012. Once we reach the threshold how soon do we need to register for VAT?
5.What would happen in the unlikely event that a painting made a lot more money then projected and we earned over the VAT threshold? Would we get fined or can we register at that point?
6. The other director lives in Ireland. I currently live outside the EU in a developing country. I want to keep up my PRSI, as I am not initialed to a state pension where I live and also would like to move back to Ireland in the near future. Can I pay myself like a resident of Ireland or do I need to do something else?