Vat Registration

digiking

Basically, I began to establish my own audio hire business last march and as such i began purchasing necessary equipment as you do.

However due to unforeseen circumstances i had to postpone setting up my business. However now I am finally just about ready to start trading (we'll new year to be precise).

So as it stands i have registered my business name with the CRO and have received cert etc and I'm just in the process of filling up my TR1 form. However i wondering do i have to backdate my registration in order to reclaim vat on expenses up till now or can i submit them as it stands with my vat number commencing now. If i was to backdate my registration i would just basically show up a 15k deficit from my savings.

Can anyone give me some basic advice on this, I totally understand that i need to visit an accountant but i'd rather go in prepared rather than in the dark.

Thanks for reading.

Mr Clonfadda

wrote:

2.17 Registration of new business

A person who is setting up a business but who has not yet commenced supplying taxable goods or

services may register for VAT as soon as it is clear that he or she will become an accountable person.

This will enable that person to obtain credit for VAT on purchases made before trading actually commences.

For the full guide see http://www.revenue.ie/leaflets/vatguide_2008.pdf

digiking

Thanks for that but the problem is that i've already purchased the equipment so i presume i just need to backdate my vat registration with revenue and submit invoices for businesses expenses and just mark in zero income as we haven't started trading yet.

Think I'll give the revenue a buzz in the morning.

Thanks