Hey, great content as usual. Might I offer some constructive critisism (maybe I'm in the minority in thinking this, so disregard if you wish). The quanity of jump cuts makes it a bit grating to watch. I realise this is the norm these days and appreciate from a quality point of view its easier to produce a video. However, I find it much more engaging when there is minimal or no jump cuts. Again though - great content!
I'm of the same opinion in regards to the jump cuts...not so much actually about the cuts, but the cropping between shoots are a bit disturbing (I got dizzy at times). However, the content far outweighs the editing choices (I've seen they are much improved in the recent videos anyway)... I find your videos very informational and in fact I was shocked to see that you're the only one in Ireland giving so much insight with these type of videos.. There are a lot of info out there but UK related... so thank you and keep them coming! P.S as I'm sure you've noticed, this video has the most views meaning that a re-edit with no cropping would worth the effort :)
Very good video man. Clear and definitely helped me with my decision. Sole trader will probably be choice. I am confused about VAT. Charging it on goods and everything else that goes with it. So a video on that would help if possible! Great video again and good quality. Cheers man
Great content.Thanks. it would be handy to see the differences with an example. Let's say how much you would take home in both situations if let's say you cash in 70k per year
HI Malone. Can you make a video dedicated to Entrepreneur Relief and ways to get advantage of it. How could I use my personal company funds to invest while staying in entrepreneur relief. Thanks!!!!
IMO: Great video, but ask for the like and sub at the end. At that stage you've earned the right. It's like a waiter asking for a tip before they've served you. Keep it up man, good content.
So as a rule of thumb, should you only incorporate if the income goes beyond any future cash personal needs? I.E. Bills, cash fund to buy a house, emergency fund, etc. or would incorporating benefit you in any way in getting closer to building the wealth required to, for example, buy a house? btw, another great benefit I see in incorporating is limiting the amount of yearly salary which has an influence over how much one has to pay back on their student loans from the UK and Ireland for example.
Rule of thumb doesn’t have to be strictly followed. But yes the general idea is to incorporate to shelter excess cash (plus all the pension benefits etc)
Any advice for a partnership of two sole traders breaking up? Can one of the partners just take all the partnership assets and money and just push the other partner out?
Researching and looking at moving to Ireland one day. I've worked freelance through ltd company alot in the UK. When you mentioned the Irish corporation tax at 12.5% that sounded great but then you mentioned close companies for under 5 employees and as I understand it Irish divided witholding tax is levied at 20% to negate the tax benefit of deferring over multiple tax years. I can sort of see the Revenues logic but having reserves and the ability to choose when to work is true freedom, not sure if I've fully understood this maybe you could do more content on close companies as I'm sure this must affect alot of people?
Nice video, I have a question, I would like to register as a sole trader this week but at the moment to fill out the form Tr1 there is a question that says: when did the business or activity commence? I registered my business name in October 2020 and purchased inventory for resale in October and December 2020. I started my sales on my website on February 1st 2021. What would my start date be? Thanks
Hi there, fantastic video. subscribed now. I'll start working for a company in Ireland as. an independent contractor. I don´t know what is best, to join an umbrella company or set up a Ltd Company? does that depends how much I'd make? Cheers!!
If you sell ZERO goods in Ireland or to Irish customers but are a sole trader (resident in Ireland) selling goods through Amazon USA to USA customers only (goods bought in China shipped directly to USA) does this mean 0 is the ‘qualifying’ income for VAT threshold purposes correct? VAT registration is important for me to prevent vat charges on services provided by a USA business (amazon). Is vat registration possible? would appreciate a steer on both questions
Hi there just wondering if you have any further information regarding setting up as online business would it be better as soke trader like yourself are you a sole trader regards your content on utube in Ireland ???
Same principals apply to online businesses. Income under the sole trader guise will be liable to Income Tax, USC and PRSI. Income under the corporate guise will be liable to Corporation Tax. Again, the rule of thumb is that you generally operate as a sole trader until you're earning in excess of your current requirements for living. At which point you'd incorporate. Everyone is different though and it depends on your own circumstances and intentions for the business
Hi Malone i will be starting a food truck business soon and i cant decide what to go for. I wanted to go as a sole trader....but im not sure what your opinion on a food truck
I don't understand. If there is Close Company Provisions, then what's the use of incorporating over sole trader. I understand that revenue will cut your head off exactly the same at the end.. Ain't it?
I came late to this video and I have a question. So if I'm a sole trader, how many percent I have to pay over my annual profit? If I'm just starting? Thanks
Are you obliged to have an Irish Bank account as a sole trader? I do think I will set up a business account to keep everything separate but it did make me wonder if it actually has tax implications if you use a foreign bank account. I couldn't find any concrete information about this. Do you know?
Hey Diogo! As a sole trader your liability to tax will be based on your tax residency. Assuming you’re Irish tax resident and domiciled, your business income will be liable to income tax under Schedule D Case I/II irrespective of where the funds end up
Why not do both, I do. I do less risky work through sole trader and risky work through company. I didnt plan it that way it kinda worked out that way. My wife is am employee with the sole trader and is the company secretary for the company. For some reason in 2015 when we were looking to get a mortgage the banks told us that she couldn't be a shareholder and employee of the company for the purposes of getting the mortgage, I still don't understand why? So I set up a sole trader so I could separate her salary from the company and I have just kept it that way since
I'm a Non Eu person living in Ireland already working with PPSN and visa, I just finished my studies, can I become in a Sole Trader? Also I have a full time job but trying to do freelancing at the same time. What can I do to no have problems in the future?
Hey there! Yep you can become a sole trader, just google ‘how to become a sole trader in Ireland’ and you’ll see the business registration steps you’ll need to follow (where applicable). If you’re earning €5,000 you need to file a return
Same principals apply, doesn't matter where the revenue source is from. Income under the sole trader guise will be liable to Income Tax, USC and PRSI. Income under the corporate guise will be liable to Corporation Tax. Again, the rule of thumb is that you generally operate as a sole trader until you're earning in excess of your current requirements for living. At which point you'd incorporate. Everyone is different though and it depends on your own circumstances and intentions for the business
How many of you are setting up businesses in 2021? Let me know!
Great thank you
2022
2024 😮
Thank you for this video! I recently started considering setting up a business in Ireland and your video was very helpful in this initial stage.
You answered all my questions.
Hey, great content as usual. Might I offer some constructive critisism (maybe I'm in the minority in thinking this, so disregard if you wish). The quanity of jump cuts makes it a bit grating to watch. I realise this is the norm these days and appreciate from a quality point of view its easier to produce a video. However, I find it much more engaging when there is minimal or no jump cuts. Again though - great content!
Cheers for the feedback Adam, will take it on board on the editing front going forward! Thanks for watching, appreciate the support
I'm of the same opinion in regards to the jump cuts...not so much actually about the cuts, but the cropping between shoots are a bit disturbing (I got dizzy at times). However, the content far outweighs the editing choices (I've seen they are much improved in the recent videos anyway)... I find your videos very informational and in fact I was shocked to see that you're the only one in Ireland giving so much insight with these type of videos.. There are a lot of info out there but UK related... so thank you and keep them coming! P.S as I'm sure you've noticed, this video has the most views meaning that a re-edit with no cropping would worth the effort :)
Very helpful, Thank you very much , Learned more from your video than i did in the last eight weeks of lectures
Cheers Michelle, glad to hear!
Very good video man. Clear and definitely helped me with my decision. Sole trader will probably be choice.
I am confused about VAT. Charging it on goods and everything else that goes with it. So a video on that would help if possible!
Great video again and good quality. Cheers man
Cheers man, I'll add it to the list for future videos
Class content of a Sunday as per 🙏🏻
Cheers brother, appreciate the consistent support
Great video and very informative. Keep up the good work 👍🏻
Cheers Stephen, appreciate the support! Thanks for watching
Very well explained, coming from an ex banker going solo.
Cheers Paul
Nice video, clear and direct, thanks
Thank you so much for this video! It was incredibly helpful, I'm going to set up a sole trader business as I'm just starting out.
No problem at all, glad you found it helpful
Thanks a million
No problem, glad you enjoyed
Thanks a mill
So underrated keep at it your doing great‼️
Thanks so much, you’re a legend
The saying “taxation is theft” ain’t no joke.
Great info here. Such a nightmare trying to figure this stuff out
Really useful video Malone! Nice one 👌
Sound brother, appreciate it :)
@@malone_financial as a matter of interest what’s the mic you use? Sounds nice and clear, I need to invest in one 🤣
@@irishwealth6346 Focusrite Scarlett 2i2 Studio 3rd Gen - one of the best bundles on the market for the price (look it up on Thomann)
@@malone_financial thanks man 👍
Also, would be great to understand what are generally the accountants fees to setup and manage a sole trader business versus Ltd
Great content.Thanks. it would be handy to see the differences with an example. Let's say how much you would take home in both situations if let's say you cash in 70k per year
HI Malone. Can you make a video dedicated to Entrepreneur Relief and ways to get advantage of it. How could I use my personal company funds to invest while staying in entrepreneur relief. Thanks!!!!
Great video thanks. Can you recommend a book for being tax efficient as a Ltd company. I'm planning on becoming one soon.
Thank you!
No worries! Thanks for watching
Thank you. I finally get it and understand the jist of it.
I was on sole trader for a long time (well over 100k) and the tax overhead is nasty. Switched to Limited this year hoping it helps me out a bit.
Sole trader and all good advice... cheers
Cheers Pat
Great video, really helpful.
Cheers Elan, glad you enjoyed
Very informative
IMO: Great video, but ask for the like and sub at the end. At that stage you've earned the right. It's like a waiter asking for a tip before they've served you. Keep it up man, good content.
Cheers Johnny. I like to think if I’ve done my job right then the like and sub will come without the need to say it
Sole trader music therapist and separately as a sole trader musician!
So as a rule of thumb, should you only incorporate if the income goes beyond any future cash personal needs? I.E. Bills, cash fund to buy a house, emergency fund, etc. or would incorporating benefit you in any way in getting closer to building the wealth required to, for example, buy a house?
btw, another great benefit I see in incorporating is limiting the amount of yearly salary which has an influence over how much one has to pay back on their student loans from the UK and Ireland for example.
Rule of thumb doesn’t have to be strictly followed. But yes the general idea is to incorporate to shelter excess cash (plus all the pension benefits etc)
Beginning my journey of waning side hussle but not wainting to pay 40% of my life.
Any advice for a partnership of two sole traders breaking up? Can one of the partners just take all the partnership assets and money and just push the other partner out?
Great video!
Researching and looking at moving to Ireland one day. I've worked freelance through ltd company alot in the UK.
When you mentioned the Irish corporation tax at 12.5% that sounded great but then you mentioned close companies for under 5 employees and as I understand it Irish divided witholding tax is levied at 20% to negate the tax benefit of deferring over multiple tax years.
I can sort of see the Revenues logic but having reserves and the ability to choose when to work is true freedom, not sure if I've fully understood this maybe you could do more content on close companies as I'm sure this must affect alot of people?
What about USC & PRSI ???
All factored into the Income Tax %s I quoted
Nice video, I have a question, I would like to register as a sole trader this week but at the moment to fill out the form Tr1 there is a question that says: when did the business or activity commence? I registered my business name in October 2020 and purchased inventory for resale in October and December 2020. I started my sales on my website on February 1st 2021. What would my start date be? Thanks
was sole trader now registering for vat and doing vat margin scheme...Can you give any tips or do a video on ?..many thanks..
Hi there, fantastic video. subscribed now. I'll start working for a company in Ireland as. an independent contractor.
I don´t know what is best, to join an umbrella company or set up a Ltd Company? does that depends how much I'd make?
Cheers!!
If you sell ZERO goods in Ireland or to Irish customers but are a sole trader (resident in Ireland) selling goods through Amazon USA to USA customers only (goods bought in China shipped directly to USA) does this mean 0 is the ‘qualifying’ income for VAT threshold purposes correct? VAT registration is important for me to prevent vat charges on services provided by a USA business (amazon). Is vat registration possible? would appreciate a steer on both questions
How do I register myself as a sole trader if I want to go ahead with that and not a company?
Hi there just wondering if you have any further information regarding setting up as online business would it be better as soke trader like yourself are you a sole trader regards your content on utube in Ireland ???
Same principals apply to online businesses. Income under the sole trader guise will be liable to Income Tax, USC and PRSI. Income under the corporate guise will be liable to Corporation Tax. Again, the rule of thumb is that you generally operate as a sole trader until you're earning in excess of your current requirements for living. At which point you'd incorporate. Everyone is different though and it depends on your own circumstances and intentions for the business
Hi Malone i will be starting a food truck business soon and i cant decide what to go for. I wanted to go as a sole trader....but im not sure what your opinion on a food truck
Hey bro. Would this topic help with inheritance of a farm?
I don't understand. If there is Close Company Provisions, then what's the use of incorporating over sole trader. I understand that revenue will cut your head off exactly the same at the end.. Ain't it?
I came late to this video and I have a question. So if I'm a sole trader, how many percent I have to pay over my annual profit? If I'm just starting? Thanks
Are you obliged to have an Irish Bank account as a sole trader? I do think I will set up a business account to keep everything separate but it did make me wonder if it actually has tax implications if you use a foreign bank account. I couldn't find any concrete information about this. Do you know?
Hey Diogo! As a sole trader your liability to tax will be based on your tax residency. Assuming you’re Irish tax resident and domiciled, your business income will be liable to income tax under Schedule D Case I/II irrespective of where the funds end up
@@malone_financial Thank you! That's quite helpful
Why not do both, I do. I do less risky work through sole trader and risky work through company. I didnt plan it that way it kinda worked out that way. My wife is am employee with the sole trader and is the company secretary for the company. For some reason in 2015 when we were looking to get a mortgage the banks told us that she couldn't be a shareholder and employee of the company for the purposes of getting the mortgage, I still don't understand why? So I set up a sole trader so I could separate her salary from the company and I have just kept it that way since
So sole trader is better for you?
I'm a Non Eu person living in Ireland already working with PPSN and visa, I just finished my studies, can I become in a Sole Trader? Also I have a full time job but trying to do freelancing at the same time. What can I do to no have problems in the future?
Hey there! Yep you can become a sole trader, just google ‘how to become a sole trader in Ireland’ and you’ll see the business registration steps you’ll need to follow (where applicable). If you’re earning €5,000 you need to file a return
Can i ask a weird question, what would you recommend for someone setting up an onlyfans account? I have no idea what to do from a tax perspective
Same principals apply, doesn't matter where the revenue source is from. Income under the sole trader guise will be liable to Income Tax, USC and PRSI. Income under the corporate guise will be liable to Corporation Tax. Again, the rule of thumb is that you generally operate as a sole trader until you're earning in excess of your current requirements for living. At which point you'd incorporate. Everyone is different though and it depends on your own circumstances and intentions for the business