Registering for VAT??

K

karlh

Registered User
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Hi,

I need some good advice.

I am a sole trader (painter/Decorator),not VAT registered.Up until last year 2010 i was always at the border of the VAT threshold,in 2010 i went over the threshold.

My question is what are the implications if any by revenue if you go over the 37,500 as i have to make the decision for going forward in 2011 to register or not to?
 
You don't have to make a decision, you went over the threshold, you have to register, however you can deregister if you fall below it again.

You could be charged interest and penalties on any unpaid VAT (the can assume that your turnover includes VAT, as you should have been charging it), for the amounts involved at your turnover level, its not worth the risk.
 
Revenue will be more interested in when they knew they would breach the threshold in any 12 month period. So I would ask the question, if you breached the threshold in Dec 2010, did you not know this in Jan 2010 or at some point along in 2010 that you would breach it in the future, and therefore needed to register?
 
Thank you jryan and paddy199 for the replies...

As my turnover was so bad in 2009 i had no idea what 2010 was going to bring hence not registering....

Thanks for the informative feedback.
 
Apologies about highjacking the thread.

I registered as sole trader in July 2010, I was working 2 and the odd 3 day week for most of 2010. Then in Dec 2010 I got offered a 5 day week.
Between one thing and another, mainly a newborn and time off ( I worked 10 days in Jan), I didn't get to register for VAT so I have the TR1 form now.

I will do the returns myself, I THINK all I have to do is send in a form (which form!), do I also send in payment every 2 months?? I don't have a business cheque book so is there an alternative?
I already invoice Jan to the company I work for and I didn't have a VAT number of charge VAT on it, do I re-invoice?

Sorry about all the daft questions, would I be even better to go into the Revenue to sort this out?

Thanks
 
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