farmer registered for vat

viztopia

i was just thinking, if I am a farmer and registered for vat then I loose the vat on cattle sales i.e. when I kill the cattle I should tell the factory and they should not pay me for the vat amount.
what if I were to kill the cattle in the north? notwithstanding and difference due to exchange of money but then I would at least not loose the vat amount which adds up. the reason that I am thinking of this is I was talking to some one else who killed some cattle up north last year and they said the prices were more or less the same as here.

Justjens

If you are VAT registered it is not necessary to tell the factory, it's only required to notify them when a farmer is NOT VAT registered.

Not sure about VAT in the North, thought it was only a concession lobbied for by the IFA for non VAT registered farmers in the South.

DMAXMAN

viztopia wrote: »

i was just thinking, if I am a farmer and registered for vat then I loose the vat on cattle sales i.e. when I kill the cattle I should tell the factory and they should not pay me for the vat amount.
what if I were to kill the cattle in the north? notwithstanding and difference due to exchange of money but then I would at least not loose the vat amount which adds up. the reason that I am thinking of this is I was talking to some one else who killed some cattle up north last year and they said the prices were more or less the same as here.

I am vat registered and I have to inform the factory if I sell stock. as regards losing the vat return you also get the vat back on cattle that you buy. if I sell stock at a price it includes the vat @4.8% and not @5.2% that a non registered farmer gets

dodo mommy

how dose a person decide if if worth registering for vat?

Base price

As far as I know farmers are not required to register for VAT as long as their sole income is derived from farming only.
The only farmers that I know who are registered for VAT are those that have other business running in conjunction with their farm ie agricultural contractors etc.
There is a turnover threshold based on y/e accounts that determines if the above farmers/contractors should be registered for VAT.

_Brian

Something for vat reg folks.
Last guy I worked for brought car in from UK vat free. He said it only applies to Audi a4 and some BMW. Fair saving.

lakill Farm

Base price wrote: »

As far as I know farmers are not required to register for VAT as long as their sole income is derived from farming only.
The only farmers that I know who are registered for VAT are those that have other business running in conjunction with their farm ie agricultural contractors etc.
There is a turnover threshold based on y/e accounts that determines if the above farmers/contractors should be registered for VAT.

I have a few farmers who solely farm who are vat registered.

epfff

lakill Farm wrote: »

I have a few farmers who solely farm who are vat registered.

Did unregistered flat rate go back up to 5.2 in budget

lakill Farm

epfff wrote: »

Did unregistered flat rate go back up to 5.2 in budget

Yes

2013 - 4.8%
2014 - 5.0%
2015 - 5.2%

DMAXMAN

dodo mommy wrote: »

how dose a person decide if if worth registering for vat?

I am a farmer ,no contracting. I sat down and roughly went through what my vatable expenses were and roughly what amount I was getting back on stock,grain etc.it wasn t hard to make the decision. accountants fees went up a bit but when I got vat back it brought it back to less than before being registered. my cattle system is buying weanlings so I get the vat back on the purchase price.

epfff

DMAXMAN wrote: »

I am a farmer ,no contracting. I sat down and roughly went through what my vatable expenses were and roughly what amount I was getting back on stock,grain etc.it wasn t hard to make the decision. accountants fees went up a bit but when I got vat back it brought it back to less than before being registered. my cattle system is buying weanlings so I get the vat back on the purchase price.

+1 here
But everyone needs to do their own figures on it

dodo mommy

ok cheers thanks for the advice will have to discuss it with the account.