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De-Register for VAT

  • 26-06-2018 12:13AM
    #1
    Fukuyama
    Registered Users, Registered Users 2 Posts: 3,023 ✭✭✭


    Hi Guys,

    I have a LTD for software development I do on the side. I registered for VAT for I could claim back VAT on expenses and it made no different to my clients since they were also VAT registered.

    I've stopped freelancing and now plan to put a small consumer facing software product I built through the company. Turnover would be lucky to hit 10k per annum if I'm honest. It's small money as 'real businesses' go.

    Because it's B2C now I'm essentially giving 23% to the revenue. And I now have virtually no expenses worth mentioning (less than 50eur pm regular).

    The company has been running just under a year. I've definitely paid more VAT than I was ever owed back.

    Should I now deregister? Would I owe anything? Do I submit a form? Cant find a form for it online.

    Any advice would be much appreciated.

    Cheers,
    Dean
    Tagged:


Comments

  • #2
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,162 ✭✭✭relax carry on


    Fukuyama wrote: »
    Hi Guys,

    I have a LTD for software development I do on the side. I registered for VAT for I could claim back VAT on expenses and it made no different to my clients since they were also VAT registered.

    I've stopped freelancing and now plan to put a small consumer facing software product I built through the company. Turnover would be lucky to hit 10k per annum if I'm honest. It's small money as 'real businesses' go.

    Because it's B2C now I'm essentially giving 23% to the revenue. And I now have virtually no expenses worth mentioning (less than 50eur pm regular).

    The company has been running just under a year. I've definitely paid more VAT than I was ever owed back.

    Should I now deregister? Would I owe anything? Do I submit a form? Cant find a form for it online.

    Any advice would be much appreciated.

    Cheers,
    Dean

    https://www.revenue.ie/en/vat/vat-registration/cancelling-my-vat-registration/cancellation-by-elected-persons.aspx


  • #3
    Fukuyama
    Registered Users, Registered Users 2 Posts: 3,023 ✭✭✭Fukuyama


    relax carry on wrote: »
    https://www.revenue.ie/en/vat/vat-registration/cancelling-my-vat-registration/cancellation-by-elected-persons.aspx
    You must pay Revenue any excess of VAT refunded to you over the tax paid during a review period which is either:

    the taxable periods during which the election had effect
    or
    three years prior to the date of application for cancellation
    whichever is the lesser.


    Thanks for that.

    What is a 'review period' here? My company has existed for less than a year and has paid more VAT than it has claimed. Would I still be liable to repay any VAT I claimed back?

    -- Dean


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