sill vat questions

simonmcf

I have been searchin on the net for the past hour and cannot really find a simple answer.

here is the situation

1) sole trader business set up, obtained vat number
2) importing goods from outside EU, resale in ireland

Question is if the imports for the rest of the year will be less the €57K can i just pay the irish VAT on importation and not worry about the Vat on the goods sole in ireland?

eg buy product for €100, pay the customs + VAT on importation, sell on for €200 and not charge vat,

in other words is it possible to pay vat on goods from my supplier but not charge vat to my customer

thanks a mil, vat is a pain in the ass

blue4ever

simonmcf wrote: »

eg buy product for €100, pay the customs + VAT on importation, sell on for €200 and not charge vat,

you have to pay VAT.

effectively the scene above means you would be selling the goods at €164.60 and the VAT (I assume the higher rate)

C

I don't understand this. Why do you not want to charge VAT ? You can claim the VAT back.

Or am I missing something ?

simonmcf

Vat is just confusing as hell for me ha,

paying vat on importation is no problem, the goods will then be sold to non vat registered people, eg general customer


Why would the vat be claimed back?

Thanks a mil

dbran

Hi simonmcf

If you are involved in the sale of goods the threshold for registration for VAT is turnover of €75000. If your turnover is below this amount you do not have to register. You then pay the VAT on the imports and not charge VAT to customers

Regards


Dbran

patftrears

simonmcf wrote: »

Vat is just confusing as hell for me ha,

paying vat on importation is no problem, the goods will then be sold to non vat registered people, eg general customer


Why would the vat be claimed back?

Thanks a mil

If you have a vat number you must charge vat.

VAT does not belong to any company, you just collect it for the revenue.

Purchases you pay vat on.
Sales you charge vat on.

The difference between the two amounts of vat, is either paid or reclaimed from the revenue.

If you are asking "Why would the vat be claimed back?" you seriously don't have a clue and need to get someone to do the vat for you.

patftrears

dbran wrote: »

Hi simonmcf

If you are involved in the sale of goods the threshold for registration for VAT is turnover of €75000. If your turnover is below this amount you do not have to register. You then pay the VAT on the imports and not charge VAT to customers

Regards


Dbran

he has already obtained a vat number so the thresholds are irrelevant.

Yo Simon, check this out: http://www.revenue.ie/en/tax/it/leaflets/it49.pdf

Will sort you out.

dbran

patftrears wrote: »

he has already obtained a vat number so the thresholds are irrelevant.

Yes this is correct. And he should have got proper advise before he registered.

However he can deregister from VAT at any time, but he will have to charge VAT and operate the VAT system until he does this.

Kind Regards

dbran