If you've paid VAT while self-employed...

The Scientician · 29-12-2011 3:42pm #1

then find your year's income isn't over the threshold for services, are you able to claim the VAT back?

Eoin · 29-12-2011 5:47pm

Moved from work/jobs

Nuttzz · 29-12-2011 5:55pm

Nope, all you can do is de-register so you dont have to charge it in future.

Conmc88 · 30-12-2011 12:41pm

Whats the threshold for paying vat

The Scientician · 30-12-2011 1:54pm

On services €37,500.

bobbytables · 31-12-2011 3:31pm

No afraid not OP. Being VAT registered you also benefit from claiming it back on puchases. If you were far off meeting the threshold & don't puchase much, de-registering is probably not a bad idea.

It's a double edge sword as it would immediately give your competition some insight to your finances, but at the same time allow you to sell that much cheaper.

Conmc88 · 01-01-2012 3:00pm

So i have just opened a pet shop so what would be my threshold on vat??

enviro · 01-01-2012 4:02pm

Conmc88 wrote: »

So i have just opened a pet shop so what would be my threshold on vat??

75K

Link

Conmc88 · 01-01-2012 10:37pm

so if i dont exceed the threshold i dont have to pay vat or register the shop??

This legal stuff is my weakness so any input will be appreciated

bobbytables · 01-01-2012 11:03pm

If your financial projections don't predict your first annual turnover to be anything near the threshold then you don't have to register for VAT.

They say if it looks likely that you'll meet it (but still not certain) you should register anyway.

Chat with your accountant or simply call up Revenue, they're very nice & helpful in our experience.

If you've paid VAT while self-employed...

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