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How and When to register for VAT

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by Startacus Admin

In Ireland?

Who has to register?
In Ireland there is a distinct differentiation between a business supplying services and one supplying goods and their VAT requirements. Although there are some specific differences, generally, a business VATsupplying services must register for VAT when the turnover of €37,500 has been reached and a business supplying goods must register for VAT when the turnover of €75,000 is reached. Of course if these thresholds are unlikely to be reached, you can still register so that you can claim VAT back on purchases, but you must also charge and account for VAT on any of your own sales.  Unlike was the case with the UK VAT thresholds, those in the Irish Republic have remained unaltered since 2008.

When to register?
As soon as your business turnover exceeds its’ particular threshold, you are legally obliged to register for VAT. As soon as you do this, it is important to remember that the prices of your goods and services must change as they must be increased by the VAT amount. This of course isn’t so much of an issue if you generally sell to other businesses as they can claim the VAT back; however if your customers are “the man in the street”, it could be more of an issue.

How to register?
The Revenue website has a couple of forms which can be downloaded, completed and returned to your local Revenue district. The form to choose depends entirely on your business status - with different forms for companies and individuals or partnerships.
Unfortunately there are currently no options to register wholly online.

So there you have it... a few of the basics on VAT. Exciting stuff, huh? Well, not really, but necessary nonetheless!

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Published on: 18th September 2012

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