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uk equipment purchase vat

  • 29-06-2011 5:21pm
    #1
    higgins123
    Registered Users, Registered Users 2 Posts: 4 ✭


    I plan to purchase a number of factory items over the next few months from the uk for a business I wish to start. This could take up to 6 months due to cost and availability of the items. Total cost ex VAT €20,000.
    I was going to have a friends company buy the equipment with my cash and then sell it on to me when I'm actively trading. And registered for Vat. Or can I defer the Vat until I'm up and running.


Comments

  • #2
    Nuttzz
    Registered Users, Registered Users 2 Posts: 3,784 ✭✭✭Nuttzz


    be careful, if your friends company is irish based then they wont pay vat, but if they sell it to you then they have to charge you vat. bit more complicated because they are using your cash. Why not register for vat now, and use your own cash & vat number to purchase the items, what if (probably unlikely) your friends company goes to the wall within 6 months, the liquidator will grab your goods and you'd have a hard job getting anything back


  • #3
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    I agree with Nutz, Either regiester for VAT now or defer the invoice date till you are.


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