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To register for vat or not?

Comments

  • #2
    ganmo
    Registered Users, Registered Users 2 Posts: 7,748 ✭✭✭ganmo


    50HX wrote: »
    http://www.independent.ie/business/farming/the-pros-and-cons-of-registering-for-vat-34205607.html

    Are ye registered for vat or not?

    Does an off farm income affect it?

    Self employed off farm income yes
    Paye no


  • #3
    50HX
    Registered Users, Registered Users 2 Posts: 2,254 ✭✭✭50HX


    ganmo wrote: »
    Self employed off farm income yes
    Paye no

    thanks for the reply

    how does Paye affect it or is it that you can't if you are paye


  • #4
    ml100
    Registered Users, Registered Users 2 Posts: 404 ✭✭ml100


    50HX wrote: »
    thanks for the reply

    how does Paye affect it or is it that you can't if you are paye

    I don't think paye affects it, it's self employed income that would be subject to vat, I'm paye here (farm part time) and have been thinking about registering, looked at the books for the last few years and I generally pay more vat than I get and I'm not counting how much I would save when buying machinery every now and then, I think it can be done online so should be straightforward enough


  • #5
    Bass Reeves
    Registered Users, Registered Users 2 Posts: 19,581 ✭✭✭✭Bass Reeves


    Not registered for VAT. Vat rebate is worth 5.25% so you loose that. I am in drystock if 50K difference between buying in and selling then that is 2625 euro. Most vat to do with farming is 13.5%. You would want 20K in expenditure to reach that level of VAT. You can already claim VAT back on a lot of buildings or fixtures. Fertlizer and feed is zero rated

    Add in a few hundred to the accountant and you are at nothing. Maybe if you were a cattle dealer with a big jeep and diesel bill then you might maker a few bob out of it. However if buying secondhand cars or machinery you need to buy such items that were vat trader first day.

    Slava Ukrainii



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