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VAt query

  • 25-04-2007 08:44AM
    #1
    tyler_d
    Registered Users, Registered Users 2 Posts: 70 ✭✭


    Im looking to start a business soon but i just have a Vat query. I have to admit Vat isnt my strongest area. At the end of each month i have to pay my Vat. But im also entitled to claim Vat back on expenses such as supplies. Do i set these off what i owe or do i have to claim my own Vat at the end of the year? What is the usual procedure for paying Vat? Do i have to send the months receipts of my purchases?


Comments

  • #2
    Wreck
    Registered Users, Registered Users 2 Posts: 2,139 ✭✭✭Wreck


    tyler_d wrote:
    Im looking to start a business soon but i just have a Vat query. I have to admit Vat isnt my strongest area. At the end of each month i have to pay my Vat. But im also entitled to claim Vat back on expenses such as supplies. Do i set these off what i owe or do i have to claim my own Vat at the end of the year? What is the usual procedure for paying Vat? Do i have to send the months receipts of my purchases?

    VAT is normally paid every two months. You calculate the total VAT on your sales for the two month period, and subtract the VAT on your business purchases. This gives the amount that you owe to Revenue (or Revenue owes to you:) ) for the period. You don't have to send in the reciepts of the purchases (you do have to keep them on file) unless specifically requested by Revenue, which usually only happens if you are due a large VAT refund.


  • #3
    tyler_d
    Registered Users, Registered Users 2 Posts: 70 ✭✭tyler_d


    Excellent. Thanks for that.


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