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how do i get a vat number and what are the downsides?

  • 25-10-2010 3:26pm
    #1
    sc86
    Registered Users, Registered Users 2 Posts: 2,882 ✭✭✭


    as above need to get a vat number for buying good up north
    any advice for me?
    i know very little about it


Comments

  • #2
    westportpoultry
    Registered Users, Registered Users 2 Posts: 38 ✭westportpoultry


    sc86 wrote: »
    as above need to get a vat number for buying good up north
    any advice for me?
    i know very little about it
    Just ring revenue. Fairly simple to get one. Youll get a form every two months to fill in for your returns. Or you can do it all online. Youll have to pay vat on any services you offer too i think. Keep a record of everything you buy invoices and invoices you give to people.


  • #3
    suey71
    Closed Accounts Posts: 805 ✭✭✭suey71


    OP, get yourself a good accountant.

    The initial consultation should be free.

    The accountant will tell you what you should know.


  • #4
    Tigger
    Closed Accounts Posts: 16,705 ✭✭✭✭Tigger


    If you buy ex vat then you sell Inc 21 % if you have a vat number
    If you by at 17.5 up north then you cab sell with no vat

    So say you buy 100 euros ex vat up north and sell for a total of 200 done here yer totals look like this


    With a vat number
    Spend 100
    Sale 200
    Vat payable 40
    Profit 60

    Without a vat number
    Spend 100 + 17.5 = 117.5
    sell 200
    No vat return
    Profit is 200- 117.5 = 82.5

    Now if you are a service it's different (worse)

    You have to declare for vat if you are doing 70k turn over goods or 20 k services
    I'm not 100% on the numbers but that basically it

    I wish my turn over was small enough that's I didn't need a vat number


  • #5
    Kristopherus
    Registered Users, Registered Users 2 Posts: 11,907 ✭✭✭✭Kristopherus


    No need to tie yourself down to an accountant and fees, when you can get all the info you need on the Revenue website, Askaboutmoney.com and of course Boards.ie for FREE.


  • #6
    sc86
    Registered Users, Registered Users 2 Posts: 2,882 ✭✭✭sc86


    Kristopherus wrote: »
    No need to tie yourself down to an accountant and fees, when you can get all the info you need on the Revenue website, Askaboutmoney.com and of course Boards.ie for FREE.

    ye thats a good point, alot of great help on here anytime i ask


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