Oh wise ones of the accounting world can you help give an explanation or an answer to a vat query? It relates to the table of thresholds on the revenue site and to particular businesses.
The principal thresholds are as follows: (from Revenue site)
So for example a producer of a baked type food product, are they 37.5 or 75k limit bearing in mind flour/sugar/butter/eggs are vat free?
The principal thresholds are as follows: (from Revenue site)
- €37,500 in the case of persons supplying services only.
- €37,500 for persons supplying goods liable at the [broken link removed] or [broken link removed]which they have manufactured or produced from [broken link removed] materials.
- €35,000 for persons making mail-order or distance sales into the State.
- €41,000 for persons making acquisitions from other European Union Member States .
- €75,000 for persons supplying goods.
- €75,000 for persons supplying both goods and services where 90% or more of the turnover is derived from supplies of goods.
- A non-established person supplying taxable goods or services in the State is obliged to register and account for VAT irrespective of the level of turnove
So for example a producer of a baked type food product, are they 37.5 or 75k limit bearing in mind flour/sugar/butter/eggs are vat free?