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FAQ - Start a Business

What needs to be done when starting a business

I would like to start a business but do not know where to start.  What do I need to do to start:

  1. a sole trader? 
  2. a partnership?
  3. a limited liability company?

What do I need to do to start a Sole Tradeship

Here are some steps that you are recommended to follow:

  1. Research your business and draw up a business plan
  2. Establish the legal obstacles - health and safety, fire, and licencing etc
  3. Establish the market needs you are going to serve
  4. Decide on a name and register it with the Business Names Register at the Companies Registration Office
  5. Register your website
  6. Open a bank account (banks require identification)
  7. Lodge the finance your require
  8. Appoint an Accountant from FIXMYTAX.com (accountant's require identification)
  9. Register for all the taxes; VAT, PAYE and Income Tax.
  10. Find a premises and equipment, if necessary
  11. Set up your systems
  12. Start trading

Note: This list is not exhaustive but is the basic set of requirements for most businesses. 

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What do I need to do to start a Partnership?

Here are some steps that you are recommended to follow: 

  1. Research your busisness and draw up a business plan
  2. Draw up a partnership agreement, legal advice if necessary
  3. Establish legal obstacles such as health and safety issues, fire and licencing etc.
  4. Decide on a name and register it with the Business Names Register at the Companies Registration Office
  5. Register your website
  6. Open a bank account (banks require identification)
  7. Lodge the finance your require
  8. Appoint an Accountant from FIXMYTAX.com (accountant's require identification)
  9. Register for all the taxes; VAT, PAYE and Income Tax.
  10. find a premises and equipment, if necessary
  11. Set up your systems
  12. Start trading

Note: in a partnership agreement, unless otherwise specified, all partners are jointly and severally liable for all of the debts of the business. The list above is not exhaustive but is a good starting position.

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What do I need to start a limited liability company?

Here are some steps that you are recommended to follow: 

  1. Research your business and draw up a business plan
  2. Find 2 directors, secretary and a place of business.
  3. Draw up a shareholder agreement, with legal advice if necessary
  4. Establish legal obstacles such as health and safety issues, fire and licencing etc.
  5. Decide on a name and register the company with the Companies Registration Office (seek assistance)
  6. Register your website
  7. Open a bank account (banks require identification)
  8. Lodge the finance your require
  9. Appoint an Accountant or Auditor from FIXMYTAX.com (accountant's require identification)
  10. Register for all the taxes; VAT, PAYE and Corporation Tax.
  11. Find a premises and equipment, if necessary
  12. Set up your systems
  13. Start trading

Note: A shareholder agreement is essentail  to setting down the ground rules for the behaviour of the members in the business and is there for their protection in disputed situations.The list above is not exhaustive but is a good starting position.

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Testimonials

"I run my own business and after years of struggling with a demanding home life and a hectic work schedule I reached a situation whereby I was functioning poorly with both. I’d missed a couple of VAT payments and had intended to catch up at the end of the year. I missed my own deadlines and tried again to catch-up in the following year. Business became a stressful job of ‘fire-fighting’ each day’s demands, eventually pushing the issue of outstanding taxes out of my mind as much as possible, in order to concentrate on work.

That said, you always know in the back of your mind that these things don’t just go away and that it was just a matter of time before ‘they’ catch up with you. 

After a few years of letting my compliance payments slide altogether, the Revenue made contact with me and gave me an estimate of all PAYE, VAT and tax owed over the years – which ran to over 6 figures- and they wanted the money immediately. I knew I was in big trouble and looked in the Golden pages for an accountant who could help me. The name www.fixmytax.com jumped out of the page and I made contact. I was immediately reassured that they could help me. I was asked for “every bit of paper” concerning the office and all old Revenue correspondence.

The first thing fixmytax.com was to do was make contact with the Revenue on my behalf and assure them that they were handling the situation and that the liabilities were being established, even though it would take time. That took the immediate ‘knock-at-the-door’ shock and worry out of the situation. The coming weeks were spent only dealing with fixmytax, (not the Revenue) answering the odd question by phone and filling in more information for the accountant. Even though this was routine information, I was quite reassured by the fact that they were working on the whole Revenue mess and actually sorting through it for me. This took the panic and stress out of the situation and enabled me to concentrate on work. After a few weeks, accounts and figures had been prepared, which I went over with the accountant.

The accountant had dealt with the Revenue directly on my behalf and he saved over 60% off the original tax bill.

Throughout the process, the fixmytax accountant was hugely supportive to me, dealt directly with the Revenue, reduced the original tax bill considerably and most importantly, had taken the fear out of the situation and given me peace of mind knowing that good progress was being made with the Revenue, rather than hiding from it all.

The cost? Approximately 7% of the money SAVED on the original tax bill!

My Revenue mess caused me huge amounts of anxiety all the time I did nothing to resolve it. In dealing with fixmytax, they took control of the situation and proceeded to do what had to be done. I would not hesitate to recommend them to anyone worried about any aspect of taxation and financial planning for a business.

I now have a good relationship with the Revenue, fixmytax looks after not only the basics of compliance, but also the financial planning and regularly reviews the performance of the business. My business is now stronger and more focussed that ever before simply because of the level of ongoing collaboration and support that I have with fixmytax. They are the proverbial “good accountant” that every business needs.

My most valuable lesson in dealing with fixmytax is that it is far more productive and far less stressful to get a good supportive accountant to do what they do best, leaving me free to do business. Thanks, Patrick!

Satisfied Client, name and address with firm. 

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