I’ve previously posted some guidelines on setting up your company and registering for taxes.
The following is a quick checklist of the steps involved in getting your new company on the road with links to previous posts where relevant:
- Decide whether a company is the best structure for your business.
- Decide on who the directors, shareholders and company secretary will be and form your company.
- When your company is formed, register for taxes using Form TR2, paying particular attention to VAT registration.
- Open a bank account. You will need the company’s Certificate of Incorporation and Memo & Articles of Association. Ensure you have agreed credit terms.
- Ensure you know what the company’s key deadlines are.
- Claim audit exemption if available to your company.
- When designing your company’s VAT invoices, company stationery and website, ensure you are compliant with legislation.
- Decide how you will keep your books and records. Will you employ a bookkeeper or do it yourself? What software will you use? Remember to keep it simple.
- Set up a system for recording mileage and subsistence.
- Register for electronic filing on Revenue Online Service www.revenue.ie and Companies Registration Office www.cro.ie.
These are just the initial steps in getting your company registered. Over the next few weeks, I will cover further steps such as registering employees, keeping accounting records and filing returns. If you want to be notified when there is a new blogpost you can get upates by RSS by clicking here. To receive the latest posts by email, you can subscribe here.
If you have any queries, please leave a comment or email me on blog@parfreymurphy.ie.
HI,Going to start up new business as sole trader,just looking for advice regarding when l regsister with revenue and cro,do l wait for said 6 mouths ontill l build up a customer base and c how the business is going before l regsister with anyboby.any advice would be greatful.
Regards,
Michael.
Michael,
My advice is to register now.
Hope the business goes well.
Regards,
Seamus