Registering for VAT

msdoc

I've had a look through the posts on VAT but can't find the information I'm looking for. I rang the revenue helpline but got a message that they're closed.

Turnover year to date (from Jan 1) is c €42k. I have now started working with a new customer who I hope will be ordering in bulk. So there is a possibility that my turnover will go past €75k for the year.
If I register now for VAT is it based on future sales, rather than what I've already done. €42k over 8 months is €5250 per month or €63k oer year.
If my turnover for the 12 months goes over €75k then do I have to retrospectively pay VAT on the €42k? And if those sales of €42k cost me €10k in VAT then can I claim that back?
Or do I just register for VAT and start paying it on sales from now on?

Also, on the online registration form it asks Returns basis - cash or invoice - which do I choose? I'm mostly business to consumer and haven't been asked for invoices but going business to business I will obviously provide.

The online form also asks to state the expected revenue for the first 12 months.
Also it is asking for registration date - not being thick but presume that means the date that I'm registering for VAT, rather than when the business was registered?

I know that these questions have been asked 1000s of times. Appreciate anyone who can give me an answer

dbran

Hi

It is based on your expected future turnover over the next 12 months. You could be required to pay the respective VAT if it was obvious that you should have known you would be over the threshold. No one can predict the future however. If you are sure that you will go over the threshold today then you should register today and pay the VAT going forward.

I would register on a cash basis which means you only pay VAT on the money that you receive when you receive it and not when it is invoiced.

You should pick the date you wish to be registered for VAT and not the date you commenced to trade.

Hope this helps

dbran

msdoc wrote: »

I've had a look through the posts on VAT but can't find the information I'm looking for. I rang the revenue helpline but got a message that they're closed.

Turnover year to date (from Jan 1) is c €42k. I have now started working with a new customer who I hope will be ordering in bulk. So there is a possibility that my turnover will go past €75k for the year.
If I register now for VAT is it based on future sales, rather than what I've already done. €42k over 8 months is €5250 per month or €63k oer year.
If my turnover for the 12 months goes over €75k then do I have to retrospectively pay VAT on the €42k? And if those sales of €42k cost me €10k in VAT then can I claim that back?
Or do I just register for VAT and start paying it on sales from now on?

Also, on the online registration form it asks Returns basis - cash or invoice - which do I choose? I'm mostly business to consumer and haven't been asked for invoices but going business to business I will obviously provide.

The online form also asks to state the expected revenue for the first 12 months.
Also it is asking for registration date - not being thick but presume that means the date that I'm registering for VAT, rather than when the business was registered?

I know that these questions have been asked 1000s of times. Appreciate anyone who can give me an answer

msdoc

thanks so much. I actually got through to them and she told me much the same. it would be good to have a live chat facility on the revenue website but i expect that's a long way off.

thanks for taking the time to reply - you were spot on.