intra community acquisitions - how much trouble am i in?

lulubenny

I had a VAT registered business up to Dec 2010 and all accounts and tax returns were filed for this business around Dec 2011. I have continued to be self employed on a much smaller scale since then and I am still fully up to date on all my tax affairs.

Today I got a letter from Revenue to say that although my VAT number was effectively cancelled from Dec 2010 it was used for intra-community acquisitions since then.
This related to a tractor that my OH bought in UK in Oct 2011. He had assumed that the price quoted to him included VAT but when he made the journey to buy it, he discovered that it was VAT exclusive - needless to say he didnt have enough money with him at the time so he used my VAT number so as not to have to have a wasted trip etc. As he paid for this with his own money and was nothing to do with the business I foolishly thought that this would be the end of it. I had intended to give the invoice to the accountant when we received it but time passed and I never thought of it again til now.

I know what I did was wrong but I honestly didn't set out to do that. But my question now to those that are in the know - how much trouble am I in and what should I do now?

dbran

Hi

You need to make a voluntary disclosure to revenue for the equivalent of the Irish VAT due on the inter eu acquisition.

Speak to your accountant/tax advisor about this.

Best Regards

dbran