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Registering for VAT

  • 18-09-2018 08:46PM
    #1
    fisher8181
    Registered Users, Registered Users 2 Posts: 194 ✭✭


    I am setting up a new company selling goods online in this country mostly.
    I do not expect to hit the €75000 turnover mark in the first year to register for VAT.
    Does that mean that i can sell physical product without charging VAT to my customers?


Comments

  • #2
    TitianGerm
    Registered Users, Registered Users 2 Posts: 29,952 ✭✭✭✭TitianGerm


    fisher8181 wrote: »
    I am setting up a new company selling goods online in this country mostly.
    I do not expect to hit the €75000 turnover mark in the first year to register for VAT.
    Does that mean that i can sell physical product without charging VAT to my customers?

    Where are you sourcing your products?


  • #3
    fisher8181
    Registered Users, Registered Users 2 Posts: 194 ✭✭fisher8181


    TitianGerm wrote: »
    Where are you sourcing your products?

    From ireland but may get some from china further down the line.


  • #4
    Gaillimh1976
    Registered Users, Registered Users 2 Posts: 738 ✭✭✭Gaillimh1976


    fisher8181 wrote: »
    I am setting up a new company selling goods online in this country mostly.
    I do not expect to hit the €75000 turnover mark in the first year to register for VAT.
    Does that mean that i can sell physical product without charging VAT to my customers?




    Yes but it also means you cannot claim VAT on anything you buy or any overhead expenses.


    Given that most startups lose money in their first year you might actually be better off to register.


  • #5
    fisher8181
    Registered Users, Registered Users 2 Posts: 194 ✭✭fisher8181


    Gaillimh1976 wrote: »
    Yes but it also means you cannot claim VAT on anything you buy or any overhead expenses.


    Given that most startups lose money in their first year you might actually be better off to register.

    I knew i wouldnt be able to claim vat back on anything i buy but as an online business that is very small amounts.

    What do you mean by not bring able to claim any overhead expenses?


  • #6
    Gaillimh1976
    Registered Users, Registered Users 2 Posts: 738 ✭✭✭Gaillimh1976


    fisher8181 wrote: »
    I knew i wouldnt be able to claim vat back on anything i buy but as an online business that is very small amounts.

    What do you mean by not bring able to claim any overhead expenses?




    Probably not as relevant to an online business, but VAT on your phone/electricity/stationery/fitout costs/repairs etc etc


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