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Can I get the VAT back?

  • 17-06-2008 8:56pm
    #1
    elmolesto
    Registered Users, Registered Users 2 Posts: 5,721 ✭✭✭


    Hi, I started my own company ( mobile catering ) a year ago and registered for Vat. After a year we haven't reached the €70,000 turnover.

    My question is, is there any way to get a refund of the Vat we have paid so far.


Comments

  • #2
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    elmolesto wrote: »
    Hi, I started my own company ( mobile catering ) a year ago and registered for Vat. After a year we haven't reached the €70,000 turnover.

    My question is, is there any way to get a refund of the Vat we have paid so far.

    No. If you opted into VAT registration & don't go over it, you can't opt in and out of it if you do/don't meet the minimum turnover.


  • #3
    ChinaImports
    Closed Accounts Posts: 18 ✭ChinaImports


    elmolesto wrote: »
    Hi, I started my own company ( mobile catering ) a year ago and registered for Vat. After a year we haven't reached the €70,000 turnover.

    My question is, is there any way to get a refund of the Vat we have paid so far.

    Hi,
    Are you doing your quarterly VAT 11 returns? If you’re doing these correctly the VAT you pay for goods/services should be off-set against what you charge your customers.

    If you’re making losses in the business and the VAT you’re paying for goods/services is greater than the VAT you’re charging your customers then you should be getting a VAT refund.

    From previous experience if you claim VAT refunds there is a high possibility that you will have a Revenue audit. If your books are up to date and correct there’ll be no issue.

    I was under the impression that food was VAT exempt, maybe another poster could clarify this. If this is the case you can’t reclaim VAT on any of these type of purchases anyway.

    [FONT=&quot]I’d strongly suggest you talk with your accountant and put a call into your local VAT office.[/FONT]


  • #4
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    There is VAT charged on food.


  • #5
    mik_da_man
    Hosted Moderators Posts: 9,952 ✭✭✭mik_da_man


    ChinaImports wrote: »
    From previous experience if you claim VAT refunds there is a high possibility that you will have a Revenue audit.

    Really?
    My business always claims a refund - hope i'm not line for an audit.
    All is legit and up to date but don't like the idea of an audit

    Mik


  • #6
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    mik_da_man wrote: »
    Really?
    My business always claims a refund - hope i'm not line for an audit.
    All is legit and up to date but don't like the idea of an audit

    Mik

    It would raise suspicion tbh. If all is in order, you'll be fine.


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  • #7
    DUBACC
    Registered Users Posts: 486 ✭✭DUBACC


    Mik,

    Revenue audits are not as scary as you think. If, as you say, everything is in order then you'll be fine.


  • #8
    The CCAinsider
    Registered Users, Registered Users 2 Posts: 129 ✭✭The CCAinsider


    There is some confusion as to whether catering / food preparation is a service or the supply of goods. Get a revenue ruling before you de-register for VAT. Your registration limit might be 35K and not 70K.


  • #9
    elmolesto
    Registered Users, Registered Users 2 Posts: 5,721 ✭✭✭elmolesto


    The CCAinsider wrote: »
    There is some confusion as to whether catering / food preparation is a service or the supply of goods. Get a revenue ruling before you de-register for VAT. Your registration limit might be 35K and not 70K.

    Thanks, I will check this out.


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