New business & Vat

[lamai]

hi,
I am in full time employment, I am starting a new business part time, I will be buying stock from a company, so they have sent me an email asking for my details and my company name and Vat number, this business will not be bringing in huge amounts or money, so i spoke to a friend briefly and he said that i should email them back telling them i am a soletrader and uncorporated.If so do i need to register as a sole trader, just a bit lost as this is all new to me

 

[ubiquitous]

VAT registration has nothing to do with being incorporated or not.

You should advise your supplier that you are not VAT registered.

As a sole trader, you are obliged by law to register for income tax, regardless of whether or not you intend to register for VAT.

You should also get professional advice in order to ensure that you understand your basic tax obligations as a sole trader.

 

[Nige]

If your annual turnover of goods is expected to be €70,000 or more, you must register for VAT. If it is expected to be less, you have the option of registering.

 

[ButtermilkJa]

If you are selling to other businesses it may be in your interest to register for VAT - as you can then claim VAT back on any expenses you have. However, if you are selling to the public registering for VAT will only increase your prices.