Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Taxes. How do I work this.

  • 20-11-2006 4:35pm
    #1
    JonathanAnon
    Closed Accounts Posts: 23,718 ✭✭✭✭


    Hi,

    All help appreciated for a novice.

    I was working from October 31st last year for myself and created a few invoices (without charging VAT) - I did not want to register for VAT at the time cos it looked like I was going to take up full time employment, but this did not materialise.

    I did register for VAT in May, and so now I have a number of invoices which I have charged VAT on and a number of invoices (from before May) that I have not charged VAT on.

    How do I handle this when I'm paying my income tax.

    regards,
    Jonathan.


Comments

  • #2
    Pablo
    Registered Users, Registered Users 2 Posts: 476 ✭✭Pablo


    from the revenue.ie guys
    Who must register for VAT?

    You must register for VAT if you are a taxable person and your annual turnover (i.e. the amount of your receipts excluding VAT) exceeds or is likely to exceed the following annual limits

    * €55,000 in respect of the supply of goods
    * €27,500 in respect of the supply of services
    Do you fall into that category ?


  • #3
    is_that_so
    Registered Users, Registered Users 2 Posts: 32,136 ✭✭✭✭is_that_so


    VAT is not the same as income tax. Your tax liability will be sales(minus VAT) - cost of sales(minus VAT). As posted already register for VAT if you meet the criteria. If that is the case every invoice must include VAT. You will have to pay tax for 2006 but not until 31st October next year.

    EDIT:Ring Revenue and ask for the VAT guide.


Advertisement