Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Calculating VAT

  • 28-04-2011 5:59pm
    #1
    gymaster
    Registered Users, Registered Users 2 Posts: 20 ✭


    I own and run a business. I basically buy in goods in bulk and sell them to the consumer at a competitive price.

    I have just registered for VAT and need to know what to do when I receive my 2 month VAT form.

    Say I buy in one item for €1,000 excluding 21% VAT from my supplier. This means goods plus VAT is €1210 altogether. VAT in this case is €210

    I then sell that product for €2000 euro excluding 21% VAT so then the customer pays €2420 when paying me. VAT in this case is €420

    To find out how much VAT is must pay do I take the VAT I sold from the VAT I paid (420-210=210)? Does this mean I owe the revenue €210 and that's it?

    Thanks


Comments

  • #2
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    Yes and Yes,

    Here's all the other info you need to know:

    www.revenue.ie/en/tax/it/leaflets/it49.pdf


  • #3
    rolion
    Closed Accounts Posts: 3,362 ✭✭✭rolion


    on top of that,before submitting the eform...put down all your other expenses that are VAT claimable such as phone bills, electricity, heating, website/hosting and other regular business dependant expenditure (not sure about your way of claiming for car).

    So let's say then,out of your 210 to pay to VATman,take out the paid VAT off the above listed bills/invoices AND that is your total payment owed.

    Also,make sure you keep a up-to-date VAT document,per month or two months,also the rates of VAT as at the end of the year you'll have to list the rates and amount paid for each rate,also paid in Ireland or paid in EU...

    Is quite easy if you keep a goood document.
    Register with ROS and do all returns online,directly from your card or bank account BUT not later than required day of the month !

    good luck...


Advertisement