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VAT on stock acquired pre-registration

  • 21-01-2017 4:03pm
    #1
    Davidren2401
    Registered Users Posts: 2 ✭


    I run a shop and I'm in the process of registering for VAT. Everything that's on my shelves currently I paid VAT on and obviously some of it will still be there post February 1st which is the date my registration is effective from. If I sell any of these items after Feb 1st will I need to collect VAT on them? Is there an exemption or a claim I can make in relation to the VAT I've already paid on the stock?


Comments

  • #2
    tanit
    Registered Users, Registered Users 2 Posts: 325 ✭✭tanit


    If you are new to business I know you can use the vat on purchases before registration for inventory as a credit. But you seem to be already in business for a while so you might want to speak with Revenue.

    I'm pretty sure you have to charge Vat on everything you sell after registration regardless of when you bought that inventory but you might be able to claim an input credit (vat on purchases) for that stock. I recommend you to speak with an accountant and/or Revenue and keep all invoices for all your purchases and inventory takes on 1 February


  • #3
    clarkey1980
    Registered Users, Registered Users 2 Posts: 73 ✭✭clarkey1980


    Davidren2401 wrote: »
    I run a shop and I'm in the process of registering for VAT. Everything that's on my shelves currently I paid VAT on and obviously some of it will still be there post February 1st which is the date my registration is effective from. If I sell any of these items after Feb 1st will I need to collect VAT on them? Is there an exemption or a claim I can make in relation to the VAT I've already paid on the stock?

    From Revenue.ie

    15. Relief for stock-in-trade for newly registered traders

    A person who has become liable for VAT may claim a credit, if any, for VAT suffered on the stock-in-trade

    (i.e. goods for re-sale but not capital goods, tools) held at the beginning of the first taxable period for which he or she is registered. Where the rates actually charged at the time of purchase of the goods differ from the rates applying at the time the relief is being sought, the local Revenue District should be consulted in relation to the exact amount of VAT which can be reclaimed. No relief is available in respect of VAT on goods purchased prior to registration by a person supplying services.


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