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new business vat questions

  • 17-06-2010 8:08pm
    #1
    larrylamp
    Closed Accounts Posts: 31 ✭


    i am looking to set up a new business and am wondering how do i claim back the vat on the goods i have bought for my business..eg. tools...do i need an accountant or can i do this myself? cheers


Comments

  • #2
    PhoenixTax
    Closed Accounts Posts: 8 ✭PhoenixTax


    You can do it yourself. First off you would need to register for VAT. If your turover is likely to exceed €75k (if selling goods) or €37.5k (if providing services) over 12 months then this is compulsory. If your turnover is not over these limits then you can elect to register. However before electing to register you need to weigh up all the consequences. While you may get a VAT refund on goods, materials etc acquired for the business, you will also have to charge VAT to customers. If you are providing services to vat registered individuals/companies this is not such an issue but if not, it may eat into your profit.


  • #3
    larrylamp
    Closed Accounts Posts: 31 ✭larrylamp


    great and thanks for the advice...the thing is what if my business doesnt succeed and i make no business and hense no profits can i still claim back the vat for what ive bought? im just trying to weigh up the risk...thanks alot


  • #4
    PhoenixTax
    Closed Accounts Posts: 8 ✭PhoenixTax


    The ability to reclaim VAT on your purchases is not linked to the level of profit of the company. If you are in business, are VAT registered and the purchases qualify under normal VAT rules then a deduction is available. If you elect to register (i.e. turnover not above threshold amounts) there can be a clawback of the VAT reclaimed if you subsequently deregister for VAT.


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