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If you've paid VAT while self-employed...

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  • 29-12-2011 4:42pm
    #1
    The Scientician
    Registered Users Posts: 1,724 ✭✭✭


    then find your year's income isn't over the threshold for services, are you able to claim the VAT back?


Comments

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    #2
    Eoin
    Registered Users Posts: 21,257 ✭✭✭✭Eoin


    Moved from work/jobs


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    #3
    Nuttzz
    Registered Users Posts: 3,777 ✭✭✭Nuttzz


    Nope, all you can do is de-register so you dont have to charge it in future.


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    #4
    Conmc88
    Registered Users Posts: 100 ✭✭Conmc88


    Whats the threshold for paying vat


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    #5
    The Scientician
    Registered Users Posts: 1,724 ✭✭✭The Scientician


    On services €37,500.


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    #6
    bobbytables
    Registered Users Posts: 498 ✭✭bobbytables


    No afraid not OP. Being VAT registered you also benefit from claiming it back on puchases. If you were far off meeting the threshold & don't puchase much, de-registering is probably not a bad idea.

    It's a double edge sword as it would immediately give your competition some insight to your finances, but at the same time allow you to sell that much cheaper.


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    #7
    Conmc88
    Registered Users Posts: 100 ✭✭Conmc88


    So i have just opened a pet shop so what would be my threshold on vat??


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    #8
    enviro
    Registered Users Posts: 1,291 ✭✭✭enviro


    Conmc88 wrote: »
    So i have just opened a pet shop so what would be my threshold on vat??

    75K

    Link


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    #9
    Conmc88
    Registered Users Posts: 100 ✭✭Conmc88


    so if i dont exceed the threshold i dont have to pay vat or register the shop??

    This legal stuff is my weakness so any input will be appreciated


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    #10
    bobbytables
    Registered Users Posts: 498 ✭✭bobbytables


    If your financial projections don't predict your first annual turnover to be anything near the threshold then you don't have to register for VAT.

    They say if it looks likely that you'll meet it (but still not certain) you should register anyway.

    Chat with your accountant or simply call up Revenue, they're very nice & helpful in our experience.


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