Hi forgive me if these questions seem basic
I am researching the idea of setting up a web bassed retailing idea.
I have four questions regarding Vat.
Am I correct in saying the legal threshold for turnover where it becomes mandatory for Vat Regestration is 75000.Can you however register for Vat anyway, and just get it out of the way even if your turnover fell short of this figure, and would there be any disadvantage to doing this.
If goods are sourced in the UK or North, at the point of purchase in say a Wholesaler in Newry if I present an Irish Vat no, can I make the purchase less the Vat or do I indeed pay the UK Vat and then reclaim the Vat from HM customs.
If I purchase goods in a Dublin Wholesaler again, do I pay the Vat at the point of leaving the Wholesaler, and then reclaim it from the Revenue Commissioners, or do I give evidence of my Irish Vat no, and not pay the Vat part at that time.
On foodstuffs/household items/etc my sales to customers tro my site must inclue a collection of Vat for the Revenue Commissioners, is 21% the rate I charge.
Can I retail as a Soletrader, or must I be a Company to operate
Thanks Riverbed
I am researching the idea of setting up a web bassed retailing idea.
I have four questions regarding Vat.
Am I correct in saying the legal threshold for turnover where it becomes mandatory for Vat Regestration is 75000.Can you however register for Vat anyway, and just get it out of the way even if your turnover fell short of this figure, and would there be any disadvantage to doing this.
If goods are sourced in the UK or North, at the point of purchase in say a Wholesaler in Newry if I present an Irish Vat no, can I make the purchase less the Vat or do I indeed pay the UK Vat and then reclaim the Vat from HM customs.
If I purchase goods in a Dublin Wholesaler again, do I pay the Vat at the point of leaving the Wholesaler, and then reclaim it from the Revenue Commissioners, or do I give evidence of my Irish Vat no, and not pay the Vat part at that time.
On foodstuffs/household items/etc my sales to customers tro my site must inclue a collection of Vat for the Revenue Commissioners, is 21% the rate I charge.
Can I retail as a Soletrader, or must I be a Company to operate
Thanks Riverbed