Vat rebate on current stock?

Sevenspeed

I am a sole trader that sells goods online.
I am getting close to the threshold where I will have to become vat registered.
Currently I am not vat registered so when I import my goods from Asia, I pay the vat on the goods when they come into Ireland. When I sell on the goods here, I do not apply any vat.
I have around €15k worth of stock which I have already paid the vat on.

My question is; that if I am to become vat registered, obviously I will have to collect vat on any of that stock sold, but can there be an adjustment made when I become vat registered?
In other words, can I take into account that I have already paid the vat on the €15k stock, and some how claim the vat back on this?
Otherwise it would be a lose lose situation for me.
Any help would be appreciated..

TaxingTimes

You can only reclaim VAT on purchases made after the date of registration.

If you don't want to loose out you will have to increase your prices to take account of VAT.

Sevenspeed

Thanks for the reply.
I have managed to find something on the revenue.ie site which might be to the contrary:

Pre-Registration VAT Reclaims

While there is generally no provision for backdating VAT registration, you may claim a credit for the VAT content of stock for resale held at the beginning of the two-monthly taxable period for which you first registered. That is, if you register for VAT on the 10th of February, you may reclaim credit for stock held on or purchased from the 1st day of the preceeding month, January-February being a single tax period. However you are not entitled to a vat credit for capital goods i.e. plant & machinery, buildings, vehicles, fixtures, fittings etc., held at the time of registration.

So it looks like you could reclaim the vat back for the current stock held??

TaxingTimes

Yes that looks good to me, but check with your accountant first.