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VAT

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  • 22-09-2015 7:21pm
    #1
    liamoc74
    Registered Users Posts: 14 ✭


    Quick question..

    I run a business and I'm coming close to the vat threshold so im going to have to register for vat..

    Can i claim back vat from all my suppliers even if they aren't registered, i buy most of my stuff from paypal and some of my suppliers send me a seperate vat receipt but others dont, these others, will i include these in my vat return...I presume that if they are not registered for vat then they are charging me the vat which im entitled to reclaim/offset..

    Sorry for the noob type question but just looking for some clarification, ive reserached abit but this isnt mentioned or i just cant get my head around it..

    Thanks in advance..


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    #2
    Frynge
    Registered Users Posts: 1,667 ✭✭✭Frynge


    Unfortunately not.

    Any reclaim of VAT will have to be evidenced with an appropriate VAT invoice. So either they issue you with one or you don't reclaim it.


  • Options
    #3
    liamoc74
    Registered Users Posts: 14 ✭liamoc74


    Thanks for the speedy reply Frynge..

    So it really is that simple - show reciept, get vat back..
    On the other side tho, once i register, every Cash out transaction, i will have to charge the customer VAT and then pay that to revenue..

    Looks like im going to have to get onto suppliers or im going to have alot of vat due every two months..


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    #4
    Legend100
    Registered Users Posts: 736 ✭✭✭Legend100


    But in theory Liam you should be increasing your prices by the VAT amount so you are not out of pocket. VAT is purely a collection mechanism from a business point of view, it should not "cost" you anything.

    The one downside against this is if you cannot increase your prices for the VAT component, then you will take the hit to your bottom line. Are your customers the general public or other businesses? If you are selling to a VAT registered business, it is all the same to them - you increase your invoice to include the VAT and they claim it back.


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