VAT question

BobbyStar

Hi Guys
I was wondering if anyone could please help me with this.
I started a small takeaway back in October 2011. I didn't claim or pay any VAT. Should I register for VAT purposes? I understand that if the turnover is over 75,000 euros than its obligatory to register for VAT. Obviously the turnover wasn't 75,000 in 2011 and even now I don't think it will to 75000 in 2012. If during the year I felt that the turnover will be over 75000 and I would have to register for vat, will it have retrospective effect?

Many thanks in advance for your help.

happyhat

Open to correction on this but doesn't the supply of hot food come under the provision of services???

http://www.revenue.ie/en/tax/vat/guide/vat-guide-ch04.pdf

thereby making the relevant threshold €37,500?

In which case you should be charging VAT at the reduced rate on hot food n hot drinks and the standard rate on bottled water and soft drinks.....

Itchianus

happyhat wrote: »

Open to correction on this but doesn't the supply of hot food come under the provision of services???

http://www.revenue.ie/en/tax/vat/guide/vat-guide-ch04.pdf

thereby making the relevant threshold €37,500?

In which case you should be charging VAT at the reduced rate on hot food n hot drinks and the standard rate on bottled water and soft drinks.....

Where it is takeaway only it is a supply of goods rather than a catering service, but the 37,500 limit applies either way... http://www.revenue.ie/en/tax/vat/rates/decision-detail-00216.jsp