April 20 - Questions & Answers

Introduction

Each month we’ll take 5 questions our audience have and write an article. This month’s 5 questions are:

  1. How can I get a logo for my business?

  2. Are there any grants available to get online?

  3. When is a sole trader a better option over a limited company?

  4. How can I reduce my accountant fees?

  5. Can I switch from a sole trader to a limited company?

How can I get a logo for my business?

The cost of a logo for a small business can vary quite a lot from €75 – €500. When looking for a logo designer it’s important to have some idea of what you are looking for. At a minimum you should know what colours you’ll be using and have examples of 3 logos you like and why. This will help you get a better quote and minimise any rework.

You can find people to design your logo through gumtree.ie or freelancer.ie. If you are a new company my advice would be to keep you costs to a minimum. You can always change your logo in the future. Some of the graphic designers I’ve encountered have had a tendency to overstate the importance of your logo to charge higher fees so be careful.

Getting Online Grant

There is a grant available to get online which is available through the Local Enterprise Offices. They will cover 50% of your costs up to a maximum of €2,500. You can apply here for the grant.

Please note from April 2020 to September 2020 the amount you need to contribute has been reduced to 10% meaning you get a 90% contribution towards your costs.

When is a sole trader a better option than a limited company in Ireland?

changing-from-sole-trader-to-limited-company-ireland

A sole trader is the better option when you are just starting and you have uncertainty about the level of profits you will make. In addition, if the profits you will make in the early years will be very low then you should run your business as a sole trader. We have a more detailed article here on the benefits of a sole trader v a limited company.

How can a small business reduce its accountant fees?

  1. Use an online accountant who is based outside of Dublin city centre or works from home. These accountants will have a lower cost base which 

  2. Ensure you keep proper records, tracking all expenses and being able to provide the back up to support those expenses such as invoices or receipts. At one end of the spectrum you have receipts in a show box approach. The other end is having a folder (hardcopy or on your computer) with backup for all expenses and revenue with the information summarised in excel.

  3. Shop around. Even if you have no intention of switching accountant it can be useful to check if you are being overcharged. If you do decide to switch make sure you check the accountant’s references. Stay away from any accountant who can’t provide references from at least 2 customers.

Can I switch from being a sole trader to a limited company?

Yes you can change from being a sole trader to a limited company at any time. You can claim relief on any assets you transfer to the business. Also, you need to deregister your business name with the CRO and re-register the name under your limited company. We have a more detailed article here on the topic.

0 0 vote
Article Rating
0
Would love your thoughts, please comment.x
()
x