Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

VAT Return

  • 22-02-2008 1:43am
    #1
    Axwell
    Moderators, Computer Games Moderators Posts: 10,462 Mod ✭✭✭✭


    If you arent currently registered for VAT as you do not see yourself going over the threshold but later find you do and register for VAT at that point, is the VAT back dated as in must you pay VAT on everything up to that point you have earned or just anything after the threshold has been passed?


Comments

  • #2
    Andrea B.
    Registered Users, Registered Users 2 Posts: 1,961 ✭✭✭Andrea B.


    Axwell, to the best of my knowledge, VAT only comes in to force from whence you have registered. You can't pay VAT unless you have collected it. On the negative, you cannot claim VAT back on any purchase to that point.


  • #3
    caminowebmaster
    Registered Users, Registered Users 2 Posts: 37 ✭caminowebmaster


    It is not that simple, I would recommend talking to someone. Sometimes you can claim some other things back.


  • #4
    Andrea B.
    Registered Users, Registered Users 2 Posts: 1,961 ✭✭✭Andrea B.


    Sometimes you can claim some other things back.

    What "things"? I gather the original question related to VAT collected and VAT paid?


  • #5
    Bren1609
    Closed Accounts Posts: 459 ✭✭Bren1609


    Once you go over the treshold you are liable for VAT on all your sales.


  • #6
    egan007
    Registered Users, Registered Users 2 Posts: 2,934 ✭✭✭egan007


    It is that simple.

    You ony charge VAT from the date on the form that the revenue send back to you after you register.

    Your sales before registration do not include VAT your purchases do.

    Your sales after the registration should include VAT your purchases still do.

    Each quarter total the amount of VAT you charged.
    Each quarter total the amount of VAT on your purchases.

    Subtract the two - hey presto you pay the difference or you get back the difference depening if bought more than you sold or vice versa.

    Regster and Use www.ros.ie it's VAT in 2 minutes.


  • Advertisement
  • #7
    Axwell
    Moderators, Computer Games Moderators Posts: 10,462 Mod ✭✭✭✭Axwell


    Thanks guys,

    egan can i just ask with regard to the purchases before im registered. How far back does that go, for example VAT ive paid on stuff for the business such as broadband, phone etc.

    Thanks


  • #8
    Bren1609
    Closed Accounts Posts: 459 ✭✭Bren1609


    Some of the previous post are completely inaccurate. You should hire an accountant or tax adviser.


  • #9
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Axwell wrote: »
    If you arent currently registered for VAT as you do not see yourself going over the threshold but later find you do and register for VAT at that point, is the VAT back dated as in must you pay VAT on everything up to that point you have earned or just anything after the threshold has been passed?

    My understanding:

    As you have become liable to register for VAT, you are entitled to claim an input credit for the VAT content (if any) of the stock you hold at the beginning of the first taxable period for which registration is effective.

    As regards backdating the VAT content of goods not-for-resale (eg the broadband) I think agreement has to be made with the VAT authorities.

    I agree though that you should consult a tax practicioner, the potential savings (or interest/penalties) are too great for this to be done incorrectly!


Advertisement