VAT registration/reclaim?

door

Hi all, I started a business last year. I was advised at the time not to register for VAT as I would have to pass on the VAT to customers (as the flip side to reclaiming VAT on expenses) and that I wasn't going to be anywhere near the threshold. However, I only recently learned that I trade in something with no Vat rate so I should have been registered all this time. Anybody know if I can reclaim for last years expenses?

Also, the extra question is, how does one reclaim the VAT on their expenses?

Thanks

Alan Shore

Firstly you need to establish if it's zero rated or exempt.

If its zero rated then you can elect to register although not required to do so but only from the start of the current period.

http://www.revenue.ie/en/tax/vat/guide/registration.html#section10

door

Thanks Alan,

Do you know what the current period is?

Also, how does one go about claiming the VAT back on expenses?

Citizenpain

door wrote: »

Thanks Alan,

Do you know what the current period is?

Also, how does one go about claiming the VAT back on expenses?

Are you zero rated or exempt . The current period is march /April . Vat runs in 2 month periods
To claim vat back you would need to submit a vat3 return once you register

door

Citizenpain wrote: »

Are you zero rated or exempt . The current period is march /April . Vat runs in 2 month periods
To claim vat back you would need to submit a vat3 return once you register

Hi Citizenpain, Im 0%.

When you say the current period is March/April must one submit the vat3 return every 2 months?

Citizenpain

door wrote: »

Hi Citizenpain, Im 0%.

When you say the current period is March/April must one submit the vat3 return every 2 months?

Usually but Not necessarily .. Take a look at this
http://www.revenue.ie/en/tax/vat/