a few basic vat questions

[CARRIE.B]

hi,
i have a few very basic questions if anyone could answer would be great. recent start up sole trader, have an accountant but trying to keep track of things myself as much as possible.
am paying vat every 2 mths, and trying to keep a book with all my vat out. when should i record an item for vat, on the date i recieve the invoice or when i actually pay it?
if i recieve an invoice for €123 inclu vat of €23 and then when paying am told discount of €3, do i have to recalculate the vat or can i record €23.
Also if i recieve an invoice for €6000 with the vat on the bill of x, but am paying the bill off €1000/ mth for 6 mths, what date should i record the vat or do i have to record it 6 times with each monthly payment?

 

[Joe_90]

Well,

On purchases you are entitled to reclaim the VAT based on the date of the invoice. Payment is not relevant.

You may be on VAT on a cash receipts basis for Sales VAT which means that you pay over VAT to the Collector General when you get paid.

 

[jamesy11]

hi,just reading the posts Re Vat,if i receive goods from a supplier,say 500 plus vat,and normally sell it,say 750 plus vat,but customer says,cash deal only,forget about the vat,what wouldhappen in this situation
thanks jamesy

 

[WindUp]

from the vat guide
failure to charge the tax and pay the tax over to Revenue.................................................................... c1,520

Ignore the "forget the VAT" if you are selling something for 123 (incl VAT ) and they say forget the vat ; they are realy asking for a 23 euro discount........ -- the correct way is to sell it for 100 (incl VAT of 18.70) -- and pay the 18.70 to revenue

 

[CARRIE.B]

Thanks joe 90, good to know I can claim vat back from the date of invoice.
Just wondering when I get a discount on purchases, do I have to recalculate the vat?
Also I but some cleaning and office items from Tesco and just realise their receipts done have vat on them, are these receipts okay to use and work the vat back on them?

 

[STEINER]

Thanks joe 90, good to know I can claim vat back from the date of invoice.
Just wondering when I get a discount on purchases, do I have to recalculate the vat?
Also I but some cleaning and office items from Tesco and just realise their receipts done have vat on them, are these receipts okay to use and work the vat back on them?

if no VAT on the invoice, you can't claim for any.