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Hypothetical question

  • 04-10-2017 10:04am
    #1
    223vmax
    Registered Users, Registered Users 2 Posts: 475 ✭✭


    I want to start up a business which would require an initial hefty cash outlay in setting up. Therefore I voluntary register for VAT. I then set up my business and claim back the VAT on purchases on setting up. After 12 months the business folds. Is there any liability on the VAT that I claimed back, i.e. do the government look for the VAT from me that I claimed back?


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,686 ✭✭✭barneystinson


    223vmax wrote: »
    I want to start up a business which would require an initial hefty cash outlay in setting up. Therefore I voluntary register for VAT. I then set up my business and claim back the VAT on purchases on setting up. After 12 months the business folds. Is there any liability on the VAT that I claimed back, i.e. do the government look for the VAT from me that I claimed back?

    Short answer, yes


  • #3
    grogi
    Registered Users, Registered Users 2 Posts: 8,617 ✭✭✭grogi


    223vmax wrote: »
    I want to start up a business which would require an initial hefty cash outlay in setting up. Therefore I voluntary register for VAT. I then set up my business and claim back the VAT on purchases on setting up. After 12 months the business folds. Is there any liability on the VAT that I claimed back, i.e. do the government look for the VAT from me that I claimed back?

    Yes.


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