The steps in Startup
So you have started your own business…..
You have faced the fears and taken the plunge.
Sure I am not making money so I don’t need to register with Revenue.
Even a part time business owner needs to register with revenue. Just because you are registered DOES NOT mean you are going to have a tax bill at the end of the year. Tax is only paid on profits. Therefore if you are not making a profit (which is quite normal for a new business in the first couple of years) then you don’t have a liability from that business.
A lot of people have great fears when it comes to the revenue commissioners. Others feel I can do it myself, how hard can it be.
ALWAYS ALWAYS ALWAYS get professional advice. Ask lots of questions. Don’t stop asking questions until you understand exactly what is being said.
Our job at Devlin and Associates is to give you the best advice, based on your individual circumstances.
As you go through the year set something aside for Revenue. Again depending on your circumstances (Social Welfare recipient, PAYE tax payer, pension recipient etc) will depend what percentage.
If we can do anything for you, or if you need some advice please don’t hesitate to contact either myself or Sheryl. We will commit to always doing our best by you.
Ruairi Devlin ACFE