Do I, Dont I register for Vat / tax etc

col44

At the start of the year i started a small on-line business, however i did not register for income tax etc and i am still a paye employee and wish to remain that way.
However my small business venture is growing and alot of my stock is from the UK.
So i am thinking - should i do the right thing and register for tax and vat (as this will enable me to purchase stock ex vat from the UK) bearing in mind that turnover for the year will probably be less than €20K, and if i do register, should i inform the revenue that i have been in business since January and if i was to really tell the truth, perhaps even a little bit of 2008, nothing however also that profits with stock purcased would be zero i would think.

Can anyone advise please. thanks.

Mr. Incognito

Well I don't think you will ever meet a professional who is going to tell you NOT to account for earnings.

You have self employed income- it needs to be declared- for trade in 2008 you have until October 31 2009 to file a return.

For 2009 you have until October 31 2010.

As for VAT you are under the automatic registration thresholds- what type of services / goods are you selling?

jogoeire

I am in a similar situation. I am working for myself since 2008 and the day is coming when ill have to submit my accounts. I have never registered for VAT as I was told that I didnt need too before 35K. I was about at that threash hold for 2008. Im still not registered for VAT so im expecting to find out the hard way when i go to do my account in september.

Does anyone have any information on this? I dont put VAT on my invoices but I had on client who was very amused by this but couldnt explain why of course.

Dan Chipowski

jogoeire wrote: »

I am in a similar situation. I am working for myself since 2008 and the day is coming when ill have to submit my accounts. I have never registered for VAT as I was told that I didnt need too before 35K. I was about at that threash hold for 2008. Im still not registered for VAT so im expecting to find out the hard way when i go to do my account in september.

Does anyone have any information on this? I dont put VAT on my invoices but I had on client who was very amused by this but couldnt explain why of course.

I don't see why they are laughing, if you under the threshold you are under no obligation to register for vat. They probably just think, incorrectly, you are pulling a fast one on the revenue or something.

Al the information you need can be found at this link:

http://www.revenue.ie/en/tax/vat/registration/index.html

Obviously, when the accounts are sorted and your turnover is over the limit, you will be obliged to register.

honeymonster

You need to register as being self employed but if your revenue is 20k then you don't have to register for VAT

There's more info here:

http://www.soi.ie/Articles/vat.htm

censuspro

If you're custom is business to business then VAT has no impact on you, if you are dealing in retail or to the general public then that is when VAT is an issue because you have to either charge the VAT on your sales to the customer which results in higher prices or suffer the VAT and reduces your profits.

Either way, your obliged to register for income tax, your profits are nil so theres no additional income tax and if you havew losses they can bee offset aginst your PAYE income and you might even get a tax refund.

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