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VAT for second business

  • 13-01-2021 2:37pm
    #1
    Zenify
    Registered Users, Registered Users 2 Posts: 862 ✭✭✭


    So myself and my wife set up a business last year under her name as a sole trader. It sells products and is well under the threshold for registering for VAT for selling products. We don't see it going over the threshold in the next few years.

    We are now in the process of setting up another business selling in a completely different industry under a different name etc. Will this business get its own VAT threshold or will it have to share the threshold with the first business? If it has to share should I just set it up in my name?


Comments

  • #2
    davindub
    Registered Users, Registered Users 2 Posts: 1,447 ✭✭✭davindub


    Zenify wrote: »
    So myself and my wife set up a business last year under her name as a sole trader. It sells products and is well under the threshold for registering for VAT for selling products. We don't see it going over the threshold in the next few years.

    We are now in the process of setting up another business selling in a completely different industry under a different name etc. Will this business get its own VAT threshold or will it have to share the threshold with the first business? If it has to share should I just set it up in my name?

    You will need to get advice on the anti-fragmentation rule.


  • #3
    TaxPro
    Registered Users, Registered Users 2 Posts: 33 ✭TaxPro


    Section 6 of VATCA 2010 deals with the thresholds and talks about when a "person" goes over the threshold. A person can be a company, or an individual. However, it doesn't talk about a business going over the threshold. Therefore, I think the threshold limits apply to the total turnover a person is earning, rather than a different threshold for each business.


  • #4
    Zenify
    Registered Users, Registered Users 2 Posts: 862 ✭✭✭Zenify


    TaxPro wrote: »
    Section 6 of VATCA 2010 deals with the thresholds and talks about when a "person" goes over the threshold. A person can be a company, or an individual. However, it doesn't talk about a business going over the threshold. Therefore, I think the threshold limits apply to the total turnover a person is earning, rather than a different threshold for each business.

    Thats what I thought. Thank you


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