Registering for Vat

waster81

Hi i was thinking of registering for Vat.

Are there certain criteria you have to meet in terms of sales, purchases or acerage?

Im only small with 30 acres growing tillage, thinking of buying a tractor?

Qprmeath

http://www.revenue.ie/leaflets/it49.pdf

mossfort

you could be creating a load of extra accountancy fees for your self if its only for a once off purchase.
once the revenue have you on their books your there to stay.

the al kid

Waster ,


there are no specific criteria you need to meet as regards turnover etc.However remember you will forego the additional 5.4%(I think) that is added to your grain cheque if you decide to register.Should be a simple exercise to go through your accounts and do a rough calculation on your inputs and compare that to your 5.4%.You will be able to claim vat back on most of your inputs-diesel,parts,repairs,spray,contractor payments,accountant fees and a portion of your phone and electricity.Obviously if you buy a tractor you can claim back the vat straight away provided you dont lease it.
Your accountant will show you how to do your first claim if you decide to go ahead-I have been doing mine for 18 years now its quite straightforward.
If you decide to buy cattle remember you can claim the 5.4% on any purchases and of course being registered means you forego the same on your sales.Hope this answers your queries.Pm me if you require any more info but deffo chat to your accountant.

Al

NB. Fertiliser and seed are both zero rated for vat or exempt-can never remember which---but same difference

waster81

Dont have an accountant yet, at minute im paying paye so not much need.

Just bought some land. Sounds as if it may be more trouble than its worth. Dont fancy having any more dealings with revenue than i have to.