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Sole Trader and Vat

  • 03-12-2010 2:34pm
    #1
    eloleon
    Registered Users Posts: 11 ✭


    Hi folks!

    I couldn't find clear answer so I decided to write a post. I'm working at the moment but I would like to start my own business as well, while I'm employeed. That gonna be online business.
    So I decided to register as a sole trader and now I need to get an .ie domain. I will get it from "register365" but to proceed with .ie domain I need the Vat number. And my question is: If I register for Vat will I have to pay some money to revenue even if I won't earn a penny? The thing is I wan't to get that domain now to secure its name and run the business maybe in 18 months time so I'm not sure if for the next 18 months revenue will charge me anything.

    Hope some of you know the answer. Thanks!
    Tagged:


Comments

  • #2
    J.Ryan
    Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    eloleon wrote: »
    ... And my question is: If I register for Vat will I have to pay some money to revenue even if I won't earn a penny?

    If you don't make sales you don't pay VAT, I don't mean to sound blunt, but its the clearest way of saying it.

    eloleon wrote: »
    The thing is I wan't to get that domain now to secure its name and run the business maybe in 18 months time so I'm not sure if for the next 18 months revenue will charge me anything.

    Hope some of you know the answer. Thanks!

    If you've reclaimed VAT in the set up costs and then never traded then the Revenue could look for that VAT back, but they won't charge you.

    Just to add, if you do register return all the forms on time, you might get penalised for late filing if you don't.


  • #3
    eloleon
    Registered Users Posts: 11 ✭eloleon


    Thanks J.Ryan! Just one more thing.

    So they won't charge me if I won't earn anything? And what forms did you mean? Bi-monthly VAT returns?

    Thanks


  • #4
    J.Ryan
    Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    Yes and Yes (or 4 monthly or 6 monthly depending on how they set you)


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