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Reg for Vat & existing stock?

  • 03-02-2020 9:02pm
    #1
    roots2branches
    Registered Users, Registered Users 2 Posts: 66 ✭✭


    What's the story if you have 10k of stock and so as un-registered vat soul trader vat was charged on that stock when you purchased it.
    And now I want to register for vat but if I've to charge vat ontop of stock I've already paid vat on I'd be making a loss on it.
    Is there a solution to this?


Comments

  • #2
    Mike3549
    Registered Users, Registered Users 2 Posts: 1,081 ✭✭✭Mike3549


    How will you make a loss if you charge vat on top of your sell price?

    You can ask your suppliers to reissue invoices with the new date on, then you can claim vat back.


  • #3
    roots2branches
    Registered Users, Registered Users 2 Posts: 66 ✭✭roots2branches


    Because I've already paid vat on the stock so if I add 23% ontop of my sale price I shall be way over priced and uncompetative and the stock won't sell. If I keep prices the same with my margin at 20% I shall have to give 23% back to revenue making me a 3% loss.
    Suppliers won't reissue invoices with an adjusted date, surely that's illigal. Plus this stock has taken a few years to build up, it's neche specalist items.


  • #4
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Are you selling business to business or business to consumer?

    If business to business charging vat doesn't matter. Just increase the price. If selling business to customer then you have to take the hit.


  • #5
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    See section 2.20 here.

    https://www.localenterprise.ie/Westmeath/Publications-Resources/Business-Downloads/Taxation-/vatguide_2008-1-.pdf

    It is a bit old but relevant.

    You really need to talk to the tax office. But I do not see that you will have an issue with claiming back the two odd grand of VAT on your first return. , provided you bought this stuff in Ireland, you have all the VAT invoices for these purchases ready to present, you can show possession of the stock, it is clearly stock of the business and it is not absolutely ancient.


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