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Do I Pay VAT "and" Tax on my earnings?

  • 31-07-2010 4:04pm
    #1
    jogoeire
    Registered Users, Registered Users 2 Posts: 43 ✭


    Hi Folks,
    I have a tax questions for someone who's worked for themselves :)

    Ive just stared out as service provider who pays VAT (as i expect to earn over 35K). Do I also need to pay standard income tax?

    So lets say I do work for a client at €1000 + VAT @ 21%. The client pays me €1210... I give €210 VAT to the tax man. Is the other €1000 "mine" or do I need to pay further income tax on that?

    Thanks for your help community :)


Comments

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


    You file an income tax return at the end of the year that takes into account your earnings net of VAT.

    VAT has nothing whatsoever to do with income tax, you are collecting it and returning it to the government


  • #3
    jogoeire
    Registered Users, Registered Users 2 Posts: 43 ✭jogoeire


    When you say "earnings net of VAT" do you mean earnings without vat?

    Damn them for adding VAT services! Ive just been looking it up and some services charge vat at 13.5% but not mine :(

    Thanks a lot for your reply dude!

    PS The wikipedia page on VAT is quite interesting..
    http://en.wikipedia.org/wiki/Value_added_tax


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