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Quick VAT query - please help.

  • 05-06-2013 8:04am
    #1
    another question
    Closed Accounts Posts: 1,386 ✭✭✭


    A business sells a combination of goods and services and the services are going to exceed the €37,500 threshold but the sales of goods are not going to exceed the €75,000 threshold.

    As it is necessary for the business to register for VAT in respect of the services, does the company have to charge VAT on the products and then claim in back or can it just sell products with no VAT and only fill in the VAT returns in respect of services.


Comments

  • #2
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,731 ✭✭✭✭drunkmonkey


    You don't claim back vat on your sales you claim it on your purchases, currently your paying vat on your purchases, now you will be able to claim back that money. You really need to talk to an accountant.


  • #3
    another question
    Closed Accounts Posts: 1,386 ✭✭✭another question


    drunkmonkey wrote: »
    You don't claim back vat on your sales you claim it on your purchases, currently your paying vat on your purchases, now you will be able to claim back that money. You really need to talk to an accountant.

    Sorry I worded it wrong. I meant, do I need to charge VAT on behalf of the Revenue, on the 'products' end even though the sales of products will not exceed €75,000.

    I charge VAT on the services we sell as they exceed €37,500 in 12 months and I fill the collected amount in on the VAT 3 etc bi-monthly but a small line of products have recently been introduced to the business and I am wondering does it affect the VAT returns even though they are not liable for VAT.


  • #4
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,731 ✭✭✭✭drunkmonkey


    I very much doubt your can cherry pick what you can charge vat on your either vat registerd or not.
    Call the revenue helpline they'll abc it for you but once your vat registered you charge and claim vat.
    Keep on top of the vat as you can easily spend money you don't have, also note the revenue don't like handing back money so be carefull when making a claim in your favour as it can trigger a vat audit.


  • #5
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    drunkmonkey wrote: »
    I very much doubt your can cherry pick what you can charge vat on your either vat registerd or not.
    Call the revenue helpline they'll abc it for you but once your vat registered you charge and claim vat.
    Keep on top of the vat as you can easily spend money you don't have, also note the revenue don't like handing back money so be carefull when making a claim in your favour as it can trigger a vat audit.

    As per above, once you are registered (and you are required as you are over the services threshold) all taxable supplies will be within the charge to VAt, the break down between good and services is irrelevant

    One situation where this "may" not be the case is for farmers but I'm assuming that does not apply to you


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