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Vat Question

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  • 11-10-2023 10:21am
    #1
    2000work
    Registered Users Posts: 1 ✭


    Im preparing to file my 2022 tax return and see I have gone slightly over 75K gross turnover in 2022. Im not VAT registered. Sales are down in 2023 so I defintely wont be over 75K this year. My question is how must I proceed now? Am I oblidged to register for vat, and retroactively pay and account for vat in my 2022 return?

    Revenue give an example on their site of a reduction in the turnover figure by the amount of vat paid on stock purchased for resale. Does anyone have more info on this - can purchased stock incorporated into my final product be counted towards this or does it stricly mean items purchased and sold on exatly as they are ?

    Thanks

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