HOW TO SET UP AS A SOLE TRADER IN IRELAND
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- Опубликовано: 8 окт 2024
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In this video I go through the steps to setting up as a sole trader in Ireland as opposed to a limited company.
Step one - register for tax (1) eregistration through 'my account' on revenue.ie OR
(2) Form TR1 www.revenue.ie...
Step two - register your business name on CORE.CRO.IE - Form RBN1
Step 3 - Open a business bank account
Here is a link to my video on setting up a Limited company in Ireland
• How to set up a Compan...
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I am off to setup myself as sole trader. Thanks for the info!
I am just after going through this process. Tip for the bank account: I signed up for a Revolut Business account. Only took a few minutes 😊
Yeah very handy, the likes of AIB are painfully slow
thank you for the tip!!
@@walterdunphy294 Is revolut business accountaccepted with the revenue though?
Hmm, so is a Revolute acct OK with Revenue here in Ireland?
Really insightful video. Few very helpful steps there. I am wondering what else you need to do is you are employed full time but are setting up as a sole trader on the side. What other steps do you need to take?
Man, thank you for this. Checked your other videos are they are full of useful info, you´ve got yourself a new subscriber
Thanks very much Francisco, I appreciate it
Your videos are brilliant, answers questions I didn't know I had
@@ADMIN-rc8ei oi watch out for this haven't seen target spam like this before, caught me off guard... Keep an eye out for that
Cheers thanks for letting me know 👍
Thanks for this,,is there a video of a step by step on how to fill out the physical form...as I'm getting confused at part b "registration for income tax" and its asking for bank details but I can't set up my bank before register for tax 😔
i would also like that! cant seem to find anything anywhere and so far this is the best video i could find that actually talks about the physical process
Hi Walter, can you please discuss what is after set up self employed registered and not registered for Vat? What and when the submition to Revenue for year end should be done?
Do you have any video how to fill the form tr1 for sole trader which parts exactly i need to fill it? Very good video thank you 😊
I always look forward to your new videos. Keep up the hard work💯
Thank you very much 🙂
Thanks for your video!! What is your opinion on whether it is really necessary to hire an accountant to pay taxes? I didn't even start the business and I already have to pay for a lot of things...
Thanks for the help, this brought me through the process, really appreciate it!
Very helpful video thank you so much
starting good. liked video from first seconds. hope you solve my problem👍🥶
Cheers Walter, very helpful
Great video ,great content.I have a question can I use my Transfer Wise Business bank account as a bank account for my business? Thanks in advance
ACCURATE AND DIRECT, THANK YOU VERY MUCH
Excellent video. Currently I'm working and living in Ireland. I would like to become sole trader. Can you advise how to do it?
Great info! thanks for this video! It really helped!
Hi, thank you for your video. Do you have a video on how to register for VAT like you mentioned for a sole trader? It would be a great help, thank you.
Hey I have a video on how to register a company for taxes but uts very similar for a sole trader just a different form if you want to check it out
so helpful thanks so much!!
Great video thanks for the info
Hi Walter, Will you able to help in filling TR1 form? Do you have any video or help guide for this already?
Thanks!
very helpful, thank you !
Thanks for your video. Can the eRegistration be used to register for Income Tax (CGT) and apply for a TRN as oppose to complete a traditional TR1 form? And also is the stock trading exempt from VAT in Ireland or you also need to register for VAT?
great question i never even thought about the stocks being considered a business, i hope he answers you..
How about insurance any tips thanks
Im looking on registering as im looking on dropshipping but im confused on how to register and by all the different taxes
Hi again man. Can you do a video on how to register for VAT like you mentioned?
Yeah will do, are you a sole trader or set up as a company?
@@walterdunphy294 sole trader
Under which heading is the register for tax, I’m in my revenue account but can’t find it,
Hi man
If you work full time for another company but have a side income like YT, how does that registration process work?
Thanks for the video!
I'd be interested to know as well
Thank you very much for this! I will be moving to Ireland and have to register myself as a sole trader for my remote job. I know that I have to register my address first, get my PPSN and then register as sole trader. Do you know how long does it take from sole trader registration until it's finished and approved? I tried to look up the duration but couldn't find anything.. Many thanks in advance go raibh maith agat!!
It shouldn't take very long at all when you have the PPSN, it should not take longer than a few days
@@walterdunphy294 oh wow thank you so much for your reply, have a lovely day!!
Hey man, loving the content! I’m planning on starting a marketing agency, would signing up as a sole trader be the best route for this? Thanks in advance!
Hey it probably depends on the size of the business, there may be benefits to setting up as a company also. But if it is just yourself in the business it may be easier to start off as a sole trader and you can always go the company route later
Why is GNIB number and IRP number compulsory on that TR1 form. What if you are British or Irish?
Hi, thanks for your video, very clear and informative. I don't need to register initially and I won't be employing anyone in the first year or so of setting up my business. Given the latter, Is it quicker to just register for tax online rather than filling out the TR1 form. Thanks
Yeah online definitely quicker if that's the case 👍
@@walterdunphy294 thanks for ur help
I am starting work for foreign company and they asked me to setup as freelance or in this case sole trader. Should I go with ROS or paper form. Great video btw
Sounds like the best route could be to set up as a sole trader. Its just a matter of completing a TR1 as you'll need to register for VAT too
@Walter Dunphy thats what I assumed. However my yearly threshold won't exceed 30k so would e registration still be OK as I have pps number
genius! thanks man
thank you so much.
Thank you.
Am working abroad but is it possible to set it up from here in Budapest and work? pay into the Irish system? Am from Tipperary
Hon tipp!
Hi Walter. When I scroll down on my account, i can't find where it says to register for income tax. I was employed by a separate company up until last year, does this mean I'm already registered for income tax?
If that is the case, and I wish to trade under my own name, does that mean I'm already registered as a sole trader?
Thanks.
Hi there! Thank you for these informative videos. I plan to register as a sole trader with Revenue under my own name, and based on the info here, it seems like it's not necessary to register with the CRO. However, should I still register with the CRO if I plan to take on work from multiple different freelancing websites as well as private clients? In other words, does it make life easier to be able to lump all gigs under one umbrella business name for tax purposes? And would I need a company name through the CRO first in order to open a business bank account? Thanks very much!
Hey Maura, if you plan on remaining as a sole trader there is no need to register with the CRO unless you plan on trading with any other name than you own.
You can still have 100s of clients and remain as a sole trader
If you have a business name that you trade under you just need to fill out a form and pay 20 euro.
But this is still not setting up a limited company, that would be different
@@walterdunphy294 Thank you!
Hi. I register with myaccount but i cant do anything now with ROS. Shoud i wait for any conformation first befrore register with ROS? My pps not working with ROS when i want to apply for RAN number
Thank you
How do I know that the process is completed to get my TRN number? I did this a few weeks ago for sole trader e registration and have heard nothing since. Can I take it as I'm registered and use my pps number as my TRN? Thanks in advance
Hi Walter, what is the CGT tax in Ireland if you are buying short-term US stocks? like just holding them for 1-2 months? 40%? thank you very much!
33% for all no matter what length of time
@@walterdunphy294 Thank you very much for your answer, do I need a company for this? or can I be an individual?
Can you help with filling tr1 form
Hi! is the bussiness account a legal requirement or is it more like it would be easier to have two separate accounts?
It will make life a lot easier for yourself, but not a legal requirement for a sole trader
can I start it while I am currently under a full-time contract?
Yeah unless there is something in your contract preventing it
Hi, I am just about to do all of this process but my business is a Amazon shop and everything is only but when I go to the option nature of the business I can’t see any option like e-commerce. Any advice about what to select there? I will appreciate your help with this
Hi, did you find the relevant information? I'm trying to do the same...
So I am just starting off myself and would love to sell POD items on etsy, do I have to do all this immediately or within 6 months?
If you are making less than 5k you can just report that non-paye income through your myAccount on Revenue.ie. Once it goes above that you can register as a sole trader
If we have a full-time job providing most of our income but then also have a side hustle, do we need to register as a sole trader?
If its more than 5k you need to register for income tax
If not you can report your additional income through your form12 which is on your my account on revenue.ie
would be ok to use a revolut business account instead of an AIB account? would that be ok with revenue ?
Thanks a lot @walter you are giving a lot of useful and not easy to find info in your Videos!
im looking for a job as trader inside into a trading company with a team what is the best as a newbie
is there a video detailing how to fill out form without accountant, as I will do accounts myself. is this acceptable?
Did you find the way? I am also in that situation and the truth is that starting a business and starting to pay an accountant becomes impossible
Nope and they make it hard for you, I understand the accounting side but so much has changed here now
Can the brand name differ from the business name?
Yeah it sure can
Hi there could you be still working for a employer and set up a sole trader thanks
Yeah you can
Cool and would I need a accountant for this and how much would I need to pay for a sole trader licence
Great thx
Do i need is it required account to do the income tax by year if i know how to do it ?
Not required
Would there be any tax benefit to setting up as a sole trader for investing in stocks, ETFs etc. Or is this even possible?
There wouldn't be any benefit as a sole trader because you would be paying income tax rates which are higher than CGT and exit tax
@@walterdunphy294 That's fair enough. That's for the response.
Great content! Do you know if there's any issues becoming a sole trader while also being in full time employment elsewhere?
Thank you, no there's no issues at all. Doing that myself at the moment
@@walterdunphy294 legend, thank you!
Do you have to resister with revenue if you are an employee currently and may only earn well under 5000 from your sole trader business
No in that case you do a form 12 or the online income tax return on your 'my account' on revenue.ie
@@walterdunphy294
thank you for the reply man.
So in this case the only thing you need is to register as a sole trader if you are going to trade under a different name.
@@apbtoldred7054 no need to register as a sole trader if its under 5k
can you register for tax if you already have a day job and paying tax?
Yeah you can
The bro
*thx bro😂🎉
Hi Walter do you have an email I could contact you on for a little advice?
Hi Stephanie, yeah you can contact me at walterdunphy1990@gmail.com thanks