Here’s everything you need to know:

Starting a business is no easy feat. With so much to think about and consider it’s easy to get bogged down by what you can’t do, rather than focusing on what you can do. However, whilst a challenge it will be one of the most rewarding things you’ll do and let’s face it – who wouldn’t want to be their own boss? 

First things first, it’s important to have a plan ready to go. Before launching anything, write out how you’ll get from A to B and you can’t go wrong. This will allow you to plan for potential roadblocks and make sure you know what you’ll need at every step of the journey. 

Next, you’ll want to consider consulting a professional (such as an accountant) to help make sure everything’s above board. From there, they can point you in the right direction in terms of additional professional advise required and getting things set up. In this segment of launching your own business there’s a few subheadings to consider…

Deciding what business structure suits you:

• If you’re more of a ‘go it alone’ character, you need to look into becoming a sole proprietor. This will mean managing the business on your own.
• A partnership model is for those wanting to share the load and collaborate with another business manager.
• Limited companies are separate legal entities removed from the individuals and responsible to the shareholders. 

Still having some doubts and not sure which road you want to try? Read our blog on structures.

Be aware and up to date with your taxes:

Depending on your business structure, you’ll fall into a bracket and be expected to pay taxes on your business. It’s extremely important you understand what you owe, when, to avoid running into financial difficulty.

To help, we’ve put together a guide to taxes. 

Record keeping: 

It may go without saying but keeping note of every transaction that comes through your business is absolutely vital. Clear and concise record keeping will help organization in the future and make it easy to pull up anything about your business if ever requested. 

Don’t feel like doing this along? That’s where we come in and you can read all about why you need an accountant here.

Bank accounts and credit cards:

Depending on the structure you have chosen for your business, you’ll need to open separate bank accounts.  For a sole trader this isn’t a legal requirement however we highly recommend it as it makes it much easier for you to track the business-related inflows and outflows.  

If you’re using a ‘trading as’ business name, you need to register it with the Companies Registration Office (CRO). Only when you receive the certificate from the CRO will you be able to open a business bank account.

For a limited company, it’ll be necessary to open a bank account under the limited company name as your business is a separate legal entity  – it’s not recommended that you put limited company income and expenses through your personal account!

Payroll: 

Planning on becoming an employer? You need to register any new hires with the Revenue commissioners.  

Also note that as an employer you have certain legal obligations. These include ensuring your people are being treated well and their rights as workers are being upheld. 

Some of these rights look like:

• Access to Intreo, a service from the Department of Social Protection that offers a single point of contact for all employment and income supports.
• Contracts that list in writing, the terms and conditions under which employees are expected to work
• Ensuring you take proper care of tax deductions and employment records for all bodies in the business

Find out in more detail what’s expected of you via this link. 

Don’t sweat the small stuff however as we can be on hand to help with everything from maintaining payroll records and providing pay slips to updating Revenue. 

Regulation: 

Important as it is, let’s go back over what each band entails and their regulation elements: 

• Sole trader – annual Income Tax return, VAT and Employer compliance requirements
• Partnership – annual Tax returns (for the partnership and the individual partners), VAT and Employer compliance requirements
• Limited company – annual corporation tax return, VAT and employer compliance requirements, annual accounts filing with the CRO (timing is important as missed deadlines can result in significant additional costs)

We know and understand how overwhelming this can all be. That’s why we’re here to assist and help you navigate becoming your own boss. Get in touch and let’s see how we can work together.