Exploring the possibility of establishing a private psychology therapy/treatment service (I'm a qualified psychologist). Based on a colleague, estimated gross income of over €100k. Expenses could run €10-15k per year (office rent, assessment materials, etc.).
Revenue has psychological treatment as VAT example. Even though I would go above the services VAT threshold (€37.5k) I am not required to register: "A person carrying out only exempt activities or non taxable activities may not register for VAT."
However, I'm wondering if it would be in my own interests to register, given I could reclaim €2-3k in VAT on expenses every year.
If I did this, is it taking advantage of the VAT exempt business? Although this may be seen as tax avoidance, my understanding is that avoidance is legal.
Revenue has psychological treatment as VAT example. Even though I would go above the services VAT threshold (€37.5k) I am not required to register: "A person carrying out only exempt activities or non taxable activities may not register for VAT."
However, I'm wondering if it would be in my own interests to register, given I could reclaim €2-3k in VAT on expenses every year.
If I did this, is it taking advantage of the VAT exempt business? Although this may be seen as tax avoidance, my understanding is that avoidance is legal.