Accountancy and Tax

Frequently Asked Questions

 

Please feel free to ask any accountancy or taxation questions. If I know an answer, I will post it in this section or I will prepare article, if it is more complex topic. You can send your tax and accountancy question to email: info@taxaccounts.ie.


 

Contents

  1. Starting a business in Ireland – Do I need to have business bank account?
  2. Starting a business in Ireland – Do I need to have business name?

 

Starting a business in Ireland – Do I need to have business bank account?

If you are self-employed and you already have your personal bank account, you don’t necessary need to set up business bank account. Especially, if you have mainly cash business and you have only couple of business transaction a year on your personal bank account. That’s no point to have business bank account, if you won’t be using it at all. If you have much more bank transactions, paying by credit card, clients paying you through BACS, drafts and cheques, then there is common sense to have all those business transactions separately on business bank account. It will be much more easier for your accountant to process all those transactions, instead of digging in personal transaction and asking what’s business and what’s personal there. It would be very time consuming.

If you have a company, that’s something different than to be self-employed individual and I would recommend to set up business bank account from the beginning.

Starting a business in Ireland – Do I need to have business name?

You don’t need to have a business name, if you want to start a business. You can carry on a business and use your true name. You need to register the business name with CRO, if you wish to use different name than your true surname.

For example, if you are self-employed Mr. James Murphy, you don’t need to register the name, if you wish to trade as Murphy or James Murphy. But you need to register your business name, if you want to trade as Murphy Builders.

Company needs to register the business name, if it differs in any way from its full corporate name.

The purpose of registering business names is to make public the identities of individual(s) or company behind the business name.

The CRO fee for registering business name is €40, if you are filing paper form and €20, if you do that online.