Vat returns

Corolla76

I am starting a new business and I am thinking of becoming vat registered .Will I be able to do my vat return online and is there much to it .

capefear

log into revenue.ie and register on ROS.ie there are three steps you need to register, go to stage 1 and after a few days the revenue will send you out a password, when you get the password log into stage 2 and so on, after about 10days you will access to ROS where you can do your returns online.

Are you a sole trader or company?

Corolla76

Sole trader .Is there much to filing the vat return online

capefear

Are you using an accounts package? filing the returns online is the easy part, its making sure the figures are right before you file them thats the hard part.

Corolla76

No I don't have an accounts package ...but the amounts will be small to honest I suspect starting off

capefear

why are you registering for vat are you near the thresholds?

ChippingSodbury

VAT Return for a Sole Trader should be dead easy. You should be able to keep track of your Sales and Purchases in Excel. The online return has 4 boxes:
Total VAT On Sales
Total VAT On Purchases
Total Goods to EU Countries
Total Goods from EU Countries

You just complete this every two months and pay/ receive the difference between VAT on Sales & Purchases.

I manage this in Excel myself without any issues and I'm far from being an accountant/ bookkeeper.

Corolla76

capefear wrote: »

why are you registering for vat are you near the thresholds?

Well I want to supply business s and I thought that they may want to reclaim the vat

Itchianus

Corolla76 wrote: »

Well I want to supply business s and I thought that they may want to reclaim the vat

Hold on - lets say you'll be selling widgets.

If you are charging €100 for your widgets without being VAT registered, then when you are VAT registered you'll be charging €100 + 23% VAT, so €123.

So if you aren't VAT registered your customer pays you €100.
If you ARE VAT registered they pay you €123 and they claim back the €23, and you give it to the taxman.

Either way they pay €100 and you receive €100.

sled driver

Itchianus wrote: »

Hold on - lets say you'll be selling widgets.

If you are charging €100 for your widgets without being VAT registered, then when you are VAT registered you'll be charging €100 + 23% VAT, so €123.

So if you aren't VAT registered your customer pays you €100.
If you ARE VAT registered they pay you €123 and they claim back the €23, and you give it to the taxman.

Either way they pay €100 and you receive €100.

And what if his customers have no entitlement to VAT recovery or are involved in a partially exempt activity?

OP, you need to figure out if you are electing to register for VAT or if you are obliged to register for VAT and the consequences of same.

The Pontiac

Doing my Jan-Feb VAT returns now for my accountant. Head is melted!

Lets say I have 40 Donedeal ads. Do I have input all of these individually on excel? Or can I put them all in one line e.g. 'Donedeal ads from 03/01/14 to 25/02/14'?

It's the same for diesel etc. etc.

And all my sales? I have an online shop. Do I have put in each sale individually or just put in 'Sales from PayPal = €x' Sales from Credit Card = €k'?

Any help really appreciated as it's the bank holiday weekend and I can't ring my accountant. Yes I should have rang him during the week.