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Defer Vat Payment?

  • 08-01-2018 12:52pm
    #1
    kayaksurfbum
    Registered Users, Registered Users 2 Posts: 700 ✭✭✭


    Just a quick question for VAT registered folks. About to file my VAT for November-December and im wondering what will happen if i file it but dont pay it.

    The reason for not paying is that i have a large amount of goods due into the country in the next two months which i will need to pay VAT at point of entery on. Usually around 30k. This has to be paid upfront to get customs to release the goods. Its a real pain to have that amount ready to pay that just gets refunded anyway, but depending on the date of payment it can take up to 5 weeks to get back to me. I usually need a loan or overdraft to pay it.

    So, if i defer my current VAT until the VAT is due to customs, then they can keep what was deferred and give me back the rest! This allows me the cash in bank without having to borrow.

    I hope this makes sense, any info is much appreciated.

    Thanks


Comments

  • #2
    andrewfaulk
    Registered Users, Registered Users 2 Posts: 438 ✭✭andrewfaulk


    kayaksurfbum wrote: »
    Just a quick question for VAT registered folks. About to file my VAT for November-December and im wondering what will happen if i file it but dont pay it.

    The reason for not paying is that i have a large amount of goods due into the country in the next two months which i will need to pay VAT at point of entery on. Usually around 30k. This has to be paid upfront to get customs to release the goods. Its a real pain to have that amount ready to pay that just gets refunded anyway, but depending on the date of payment it can take up to 5 weeks to get back to me. I usually need a loan or overdraft to pay it.

    So, if i defer my current VAT until the VAT is due to customs, then they can keep what was deferred and give me back the rest! This allows me the cash in bank without having to borrow.

    I hope this makes sense, any info is much appreciated.

    Thanks

    Not sure what your shipping arrangements are for the goods that are inbound but you could try defer the payment of the VAT payable to customs on arrival using the fiscal representation process..

    Would think penalties might be payable if you defer Nov/Dec returns


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