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VAT number tracing from EU shopping

  • 15-02-2012 10:32pm
    #1
    paddy3451
    Closed Accounts Posts: 1 ✭


    Hi there,

    I have a general question about VAT number tracing.
    Taking that you buy something in the EU and you are VAT registred (VAT number) in Ireland you dont pay the VAT, right.

    Can this VAT-free purchase be traced on the irish VAT number?

    For example say I had a flowerselling business and buy a fishing rod abroad (vat free with vat number) could revenue come back to me years after and say "well you have to pay that VAT plus interest because no way you had bought this rod for a flower business"?

    Hope you get what I mean

    Cheers


Comments

  • #2
    RUDOLF289
    Registered Users, Registered Users 2 Posts: 794 ✭✭✭RUDOLF289


    Hello Paddy3451

    There is a tracing system, called VIES (Vat Information Exchange System). Your supplier will file a VIES return showing the value of the transaction and your VAT number. This declaration will go to Brussels and there a matching process will take place. You will need to show the transaction in your VAT return as an Intra EU Acquisition. You need to include a liability for the VAT in your VAT return and claim the deductible input at the same time, provided the transaction is a legitimate purchase for your business.

    In relation to buying something that is not for your business on this basis, the VIES declaration is not what you have to worry about. What you do have to worry about is if you get a VAT inspection. If the VAT inspector takes the view that what you are doing is wrong, you will not only have to pay the VAT and possibly a fine, but you have a black mark against your business and will attract regular VAT inspections after that.

    With every crime that is committed,there is a chance you will get away with it. The question is really, do you want to take the risk and suffer the consequences?

    So, yes, I think everybody reading your post will get what you mean .........:o:(


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