Tradefirst.....

  • Thread starter BarterMartyr
  • Start date
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BarterMartyr

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Got a fax shot from these people yesterday

www.tradefirst.ie

Dunno know the story. It reads like its barter. Cant help thinking our pet troll ( R/day ) would not approve on the grounds The Revenue were being done somewhere along the line :D
 
Sounds a bit like a commercial version of a LETS.



Note that the LETS FAQ addresses the issue of income tax:
 
Tradefirst

My company has used them and I have to say I wouldn't recommend it. It is a barter system - you supply goods and services, don't get paid cash but by goods from other suppliers. The list of suppliers who have signed up is very restricted e.g there many only be one company under a classification. You are restricted to using a supplier that you would not normally use, you can't shop around for the best price, the service may not be 100%, but you are tied in to it because have the credit in the bank.
 
Re: Tradefirst

All barter or quasi-barter transactions are taxable and (if relevant) VAT-able in the same way as normal transactions.
 
A little knowledge is a dangerous thing.

You obviously did not look at the Tradefirst web site at .

The Tradefirst system is fully Revenue approved. Tradefirst was originally a franchised system grant aided by the Dept. Enterprise & Employment. There is no law stating that you must buy everything with Euro's. You may buy courier services with office equipment if you like. What the Revenue do not like & is illegal is undeclared business, cash or barter.

When you trade in your car you are bartering! Anyway why not call the Revenue at Appollo House, Tara street to confirm. They will tell you what they told us in 1998 when we had a long meeting with them. Tradefirst is fully approved, legal and helps hundreds of Irish businesses save tens of thousands every month.

Trader
 
Re: Tradefirst

Tommy said:
All barter or quasi-barter transactions are taxable and (if relevant) VAT-able in the same way as normal transactions.
Click to expand...

Tommy, got it right in one. there is no mistique to it. all barter transactions should be invoiced by both participants as normal and declared. Simple to do.
 
Re: Tradefirst

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tradefirst.ie said:
A nominal annual account maintenance fee of €380.00 (or €39.99 monthly) plus VAT is payable and a fixed rate of 8.25% is charged on completed purchase transactions only.
Click to expand...

thats a healthy "trading fee"...
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