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Register for VAT?

  • 06-03-2009 2:57pm
    #1
    crank_1975
    Registered Users, Registered Users 2 Posts: 215 ✭✭


    I am looking at setting up an online retail store. I will be setting up as a sole trader and was wondering if I should register for VAT? Obviously if I am VAT registered then it will mean that I can pass on the VAT costs to my customers but does this leave me vunerable to audits from the tax man?

    Also would it be necessary to be VAT registered in order to bulk buy from suppliers?

    Any help or advice much appreciated.


Comments

  • #2
    Tony
    Registered Users, Registered Users 2 Posts: 11,341 ✭✭✭✭Tony


    You do not have to register for VAT unless you go over the turnover threshold which you can check on www.revenue.ie . Whether you want to or not really depends on your business model and whether it is advantageous to register or not, I think only some number crunching can give you the answer to that. Bear in mind that if you do register any VAT you collect must be paid to the revenue but you can offset any vat you pay to suppliers in ROI.

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