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Unregistering for VAT

  • 01-02-2011 2:01pm
    #1
    loctite
    Registered Users, Registered Users 2 Posts: 589 ✭✭✭


    Is it possible to un-register yourself from voluntary VAT registration?

    I've started up a business and while it is advantageous to claim back VAT on Plant & Machinery in the short term, in the longer term there seems to be no advantage. Turnover as of yet has been nil and there has been no refunds received on purchases made.

    Thanks in advance
    L


Comments

  • #2
    Owen
    Registered Users, Registered Users 2 Posts: 12,683 ✭✭✭✭Owen


    As long as you've no refunds, you can de-register. If you theoretically had refunds, they could pursue you for a few years worth.


  • #3
    Chevy RV
    Registered Users, Registered Users 2 Posts: 467 ✭✭Chevy RV


    Hello There,

    There is no advantage in VAT registration - normally.

    You act merely as an unpaid tax collector on behalf of the Revenue while registered.

    There a form that needs to be filled out to de-register which is available on the Revenue website.

    Regards,


    Chevy RV


  • #4
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Chevy RV wrote: »
    There is no advantage in VAT registration - normally.

    You act merely as an unpaid tax collector on behalf of the Revenue while registered.

    Eh, what about having to incur all VAT on purchases as an expense if not registered. There are other advantages too, such as... <looses will to continue>


  • #5
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    smcgiff wrote: »
    Eh, what about having to incur all VAT on purchases as an expense if not registered. There are other advantages too, such as... <looses will to continue>

    Indeed. Unless the majority of your business is done with unregistered customers it is almost always advantageous to be registered for VAT.


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