VAT Question?????

fmoy

We have just recently registered for VAT. We'd like to know excactly how it works with regards to paying VAT on items and them claiming the VAT back.

ie. We make a purchase of €47 + Vat(€10.81)

Does this mean we can claim back this €10.81 at the end of the year. Thanks

drunkmonkey

I very much doubt you have a yearly vat return if your just after starting, you need to consult an accountant. The revenues are strict when it comes to vat.

Yes you can claim back the €10, if you don't own the revenue more than you've collected in vat for them.

K.Flyer

Put it simply..
If your incur expences and costs with a vat value of 100e
And your sales have a vat value of 120e
When you are doing your vat return your liability to pay is 20e.
Your accountant will advise you when your payments need to be made during the year be it every 2 or 6 months.

ironclaw

Incorrect or spurious VAT returns are one quick way to land yourself at the wrath of Revenue even if completely unintentional. You'll need an accountant or someone you can really trust to look at your accounts for you. I may be wrong but don't some forms of business or over certain amounts need an accountants sign off?

amen

You'll need an accountant or someone you can really trust to look at your accounts for you

while this is a good idea handling VAT returns is that not that complicated.
If you can read the VAT Form and have basic maths skills you can fill in the VAT Form your self.

Peterdalkey

if you are not sure or need advice , just ring/email the Revenue, they are very helpful!!

fmoy

Ok, thanks for the replies.

SharonR

Also, it's worth pointing out that you'll complete a VAT return every two months probably.