Sole Trader or Limited Company? (Ireland 2023)

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  • Опубліковано 11 вер 2024

КОМЕНТАРІ • 78

  • @malone_financial
    @malone_financial  3 роки тому +23

    How many of you are setting up businesses in 2021? Let me know!

  • @LucianoMartinss
    @LucianoMartinss 7 місяців тому +2

    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.

  • @Movelectrics
    @Movelectrics 3 роки тому +7

    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

    • @malone_financial
      @malone_financial  3 роки тому +1

      Cheers man, I'll add it to the list for future videos

  • @michelledowling5216
    @michelledowling5216 2 роки тому +2

    Very helpful, Thank you very much , Learned more from your video than i did in the last eight weeks of lectures

  • @gilgamesh310
    @gilgamesh310 3 роки тому +13

    The saying “taxation is theft” ain’t no joke.

  • @frobinson6876
    @frobinson6876 10 днів тому

    You answered all my questions.

  • @Adam-gl1qv
    @Adam-gl1qv 3 роки тому +7

    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!

    • @malone_financial
      @malone_financial  3 роки тому +4

      Cheers for the feedback Adam, will take it on board on the editing front going forward! Thanks for watching, appreciate the support

    • @DannyPaun
      @DannyPaun 3 роки тому +1

      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 :)

  • @purplehaired_girl1174
    @purplehaired_girl1174 Рік тому +1

    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.

  • @redpantynightx6348
    @redpantynightx6348 3 роки тому +2

    Class content of a Sunday as per 🙏🏻

  • @stephenbates8274
    @stephenbates8274 3 роки тому +3

    Great video and very informative. Keep up the good work 👍🏻

    • @malone_financial
      @malone_financial  3 роки тому

      Cheers Stephen, appreciate the support! Thanks for watching

  • @helimax
    @helimax Рік тому +1

    Nice video, clear and direct, thanks

  • @Paul-cl6uo
    @Paul-cl6uo 2 роки тому +2

    Very well explained, coming from an ex banker going solo.

  • @ikid1217
    @ikid1217 2 роки тому +1

    So underrated keep at it your doing great‼️

  • @irishwealth6346
    @irishwealth6346 3 роки тому +2

    Really useful video Malone! Nice one 👌

    • @malone_financial
      @malone_financial  3 роки тому

      Sound brother, appreciate it :)

    • @irishwealth6346
      @irishwealth6346 3 роки тому +1

      @@malone_financial as a matter of interest what’s the mic you use? Sounds nice and clear, I need to invest in one 🤣

    • @malone_financial
      @malone_financial  3 роки тому +1

      @@irishwealth6346 Focusrite Scarlett 2i2 Studio 3rd Gen - one of the best bundles on the market for the price (look it up on Thomann)

    • @irishwealth6346
      @irishwealth6346 3 роки тому

      @@malone_financial thanks man 👍

  • @stephenohanlon5618
    @stephenohanlon5618 8 місяців тому

    Great info here. Such a nightmare trying to figure this stuff out

  • @MrChickster12
    @MrChickster12 3 роки тому +2

    Thanks a million

  • @valentinac2855
    @valentinac2855 Рік тому

    Also, would be great to understand what are generally the accountants fees to setup and manage a sole trader business versus Ltd

  • @ShapeyFiend
    @ShapeyFiend 10 місяців тому

    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.

  • @Draiochtaproductions
    @Draiochtaproductions Місяць тому

    Thanks a mill

  • @valentinac2855
    @valentinac2855 Рік тому

    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

  • @1924Puccini
    @1924Puccini 2 роки тому +1

    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!!!!

  • @johnnymoran.
    @johnnymoran. Рік тому +1

    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.

    • @malone_financial
      @malone_financial  Рік тому

      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

  • @diogocambrian
    @diogocambrian 2 роки тому +1

    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.

    • @malone_financial
      @malone_financial  2 роки тому

      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)

  • @spikeygoc
    @spikeygoc 3 роки тому

    Thank you. I finally get it and understand the jist of it.

  • @knightofimmaculate
    @knightofimmaculate 2 роки тому +1

    Great video thanks. Can you recommend a book for being tax efficient as a Ltd company. I'm planning on becoming one soon.

  • @patrickmulloy8787
    @patrickmulloy8787 Рік тому +1

    Sole trader and all good advice... cheers

  • @garycroft8213
    @garycroft8213 2 роки тому +1

    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?

  • @gerryclaffey5737
    @gerryclaffey5737 3 роки тому +2

    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?

  • @ElanDarcy
    @ElanDarcy 2 роки тому +1

    Great video, really helpful.

  • @ForWhomBellstols
    @ForWhomBellstols Місяць тому

    Beginning my journey of waning side hussle but not wainting to pay 40% of my life.

  • @MS-oj6kp
    @MS-oj6kp 3 роки тому +1

    Very informative

  • @TheDanieldineen
    @TheDanieldineen 2 роки тому +1

    Sole trader music therapist and separately as a sole trader musician!

  • @UnMusical
    @UnMusical 3 роки тому +1

    Thank you!

  • @mahasultan7905
    @mahasultan7905 Рік тому

    How do I register myself as a sole trader if I want to go ahead with that and not a company?

  • @paddiedelaney
    @paddiedelaney 2 роки тому

    was sole trader now registering for vat and doing vat margin scheme...Can you give any tips or do a video on ?..many thanks..

  • @ValenciaUAQ
    @ValenciaUAQ 2 роки тому

    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!!

  • @coffeeandfoodculture430
    @coffeeandfoodculture430 3 роки тому +1

    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

  • @stephenwilliams1286
    @stephenwilliams1286 8 місяців тому

    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

  • @1924Puccini
    @1924Puccini 2 роки тому

    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?

  • @mikeflannery7905
    @mikeflannery7905 3 роки тому

    Great video!

  • @Psychologyfunbd
    @Psychologyfunbd 2 роки тому +2

    What about USC & PRSI ???

  • @carolcarolfoxy
    @carolcarolfoxy 3 роки тому +1

    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 ???

    • @malone_financial
      @malone_financial  3 роки тому +2

      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

  • @romankaleja381
    @romankaleja381 2 роки тому

    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

  • @johnobrien9971
    @johnobrien9971 Рік тому

    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

    • @drmuzik
      @drmuzik Рік тому

      So sole trader is better for you?

  • @fabiajero
    @fabiajero Рік тому

    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

  • @diogocarneiro9475
    @diogocarneiro9475 2 роки тому +1

    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?

    • @malone_financial
      @malone_financial  2 роки тому +1

      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

    • @diogocarneiro9475
      @diogocarneiro9475 2 роки тому +1

      @@malone_financial Thank you! That's quite helpful

  • @yourubens1729
    @yourubens1729 Рік тому +1

    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?

    • @malone_financial
      @malone_financial  Рік тому +1

      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

  • @lilithnightfall3895
    @lilithnightfall3895 3 роки тому +2

    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

    • @malone_financial
      @malone_financial  3 роки тому +1

      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

  • @SlavaBanderastan
    @SlavaBanderastan 11 місяців тому

    Hey bro. Would this topic help with inheritance of a farm?