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VAT on services

  • 01-03-2010 11:41am
    #1
    Barker
    Closed Accounts Posts: 25 ✭


    Thinking about setting up as a sole trader supplying services. Just looking at the VAT rules and wondering, if you pay VAT on services on a turnover of over €35k, does that mean you pay VAT on the whole turnover or the turnover that is in excess if €35k?
    So lets say turnover was €37k, do you pay VAT on €2000 (21% = €420) or on €37k (21% = €7770)?


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    You CHARGE Vat on the lot.

    Most people pay VAT regardless of the amount.


  • #3
    Barker
    Closed Accounts Posts: 25 ✭Barker


    I hadn't considered VAT in the costings for work I have come up with (haven't had to pay VAT when PAYE obviously so wasn't something I thought about). So perhaps I should reduce the costs to figure VAT into the total I would charge. Client pays me VAT as part of the cost of the job, I then pass it on to revenue. But it brings my earnings down quite a bit.

    Sure I'd be lucky to be able earn anywhere near the threshold anyway.


  • #4
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Have a read of the VAT Guide on the stickies-.

    The VAT Guide should give you a good over view anyway.


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