Registering for VAT

Bodhraner · 10-09-2011 5:42pm #1

Hi all,

I am not at all business minded and therefore I am at a loss as to what to do in this situation. I provide hip hop dance classes as a hobbie but I take fees for it. I do not make much from it and i think I probably loose money at it to be honest. The thing is I am also working in the public sector and people are telling me I should register for VAT as a sole trader.. basically I am completely confused and dont really know whst to do. Any advice would be greatly appreciated..

dbran · 10-09-2011 7:40pm

Hi

Unless you are going to have a turnover of over 37.5k you are not obliged to register for VAT (but you can do so voluntarily if you wish). As most of your customers are no doubt not vat registered it probably not be to your advantage to register.

Kind Regards

dbran

Bodhraner · 10-09-2011 7:44pm

Thanks dbran

That's good to know. Does that mean then that I dont need to declare the extra income made from the class?

dbran · 10-09-2011 7:48pm

No. Of course you will have to declare the extra income.

Bodhraner · 10-09-2011 7:50pm

Well then this is the crux of the question then.. how?

dbran · 10-09-2011 7:56pm

Hi

If the net income is less then 3k then you just complete Form 12 and file it in October every year with your local tax office.

If your income is going to be more then 3k then you need to register for income tax and complete form 11.

Go and check out www.revenue.ie about this for further info.

dbran

Bodhraner · 10-09-2011 7:58pm

Thanks for your help dbran, as you can imagine this stuff is not my forté!

Thanks again
Bodhraner

dbran · 10-09-2011 8:02pm

No problem Ya!:D

Registering for VAT

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