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Paying VAT?

  • 08-08-2009 9:31am
    #1
    Bart Wilde
    Closed Accounts Posts: 27 ✭


    Hi there.
    Just quick question, I have a business. It is operating from May. After 2 months I have applied for an vat number (back for 11th may) and 1 month ago i have received it.
    I have got a full Vat refund from company, that is hiring me (I am self employed).
    I now that Vat should be paid bimonthly, but there is something saying about paying in October.
    There is possibility for me for not to pay Vat now, but pay full value in October?
    That would help me to develop my company and hire some people...
    PS. I am not employed in construction business.

    Kind regards,
    Bart.


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi Billie

    It is difficult to follow exactly what you mean but here goes.:)

    VAT is payable usually every two months. If you are VAT registered you must charge your customers VAT on your sales at the correct rate that applies to your business. You are also charged VAT by other businesses on your purchases. Every two months you take the total VAT on these purchases away from the total VAT on sales. The difference is the amount that you pay over/refund to revenue every two months.

    I dont know what you mean by "full VAT refund from company".

    I suspect the date in October you refer to is the income tax filing deadline.. This is the date that you must pay you income tax and is nothing at all to do with VAT and you cannot defer the VAT payments to this date.

    Hope this helps

    Dbran


  • #3
    StephenM_smc
    Closed Accounts Posts: 118 ✭✭StephenM_smc


    I was sure there was an annual VAT return available at one stage. Looking at the key revenue dates, they seem to have the bi-monthly, 4 monthly, and semi-annual returns.

    http://www.revenue.ie/en/practitioner/calendar.html

    From Revenue:
    From 1 July 2007, the frequency of filing VAT returns was reduced for certain accountable persons to the
    following:
    • For businesses with a yearly VAT liability of c3,000 or less the option of filing returns on a six month
    basis is available.
    • For businesses with a yearly liability of between c3,001 and c14,400 the option of filing returns
    every four months is available.

    http://www.revenue.ie/en/tax/vat/leaflets/vatguide_2008.pdf

    I hope this helps!


  • #4
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    the annual vat return is available when you go on a direct debit basis


  • #5
    Bart Wilde
    Closed Accounts Posts: 27 ✭Bart Wilde


    Thanks for that :)

    The VAT refund means, that I was working like a self employed, but I applied for VAT number to charge my employer extra money (21,5%) and then get some back thanks to the tax refund.

    I understand that I have to pay VAT, but how often? For example if I want to close my VAT account, do I have pay whole tax in one time?

    Kind regards,
    Bart


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