One of the most common questions we hear all the time.
Every business type in Ireland has its own benefits. It’s entirely your decision to select a business type that you suits your business. A sole trader is a businessman or a businesswoman who doesn’t have any partners in their business and all the business decisions are made by themselves. If your net income is above €5,000 then you must register yourself as a self-employed person with Revenue in order to set up your business as a sole trader in Ireland.
You are entitled to pay your Income Tax, Pay Related Social Insurance (PRSI), Universal Social Charge (USC) on your net business profits, Pay As You Earn (PAYE), employer PRSI, Value Added Tax (VAT), and Relevant Contracts Tax (RCT). Being a sole trader in Ireland, you have to make sure that, you must submit your Form 11 and any salaries that you pay to your staff must be paid through the PAYE system only.
But in order to decide, whether you operate your business as either a sole trader, a partnership or as a company, it is always advisable to consult an experienced and one of the best accountant in Ireland so that an infant business person can get to know the in depth rules and regulations associated with it.
So, for your self-knowledge here are the most important advantages and disadvantages of operating a business as a sole trader in Ireland.