irishbogger
Registered User
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- 47
Hi all,
I am a sole trader, running 2 businesses. One it an IT consultancy and I am VAT registered (I'll tell you another time why I mention this, depending on the answer I get below)
My other business is a boat charter service, which I just realised, according to Revenue, is VAT Exempt. Up until now, I was paying VAT on any purchases, and not charging customers VAT as I don't reach the threshold.
However, if I register the VAT exempt business for VAT (or do I just not register it?), is there any advantage? Can I reclaim any VAT back on purchases for this business? Or, can I ask suppliers that they don't charge me VAT? Or is the answer so both of those questions 'NO'?
For what it's worth, I'm guessing and presuming that the answer to both above is 'NO', but would like to hear from people in the know.
Many thanks.
I am a sole trader, running 2 businesses. One it an IT consultancy and I am VAT registered (I'll tell you another time why I mention this, depending on the answer I get below)
My other business is a boat charter service, which I just realised, according to Revenue, is VAT Exempt. Up until now, I was paying VAT on any purchases, and not charging customers VAT as I don't reach the threshold.
However, if I register the VAT exempt business for VAT (or do I just not register it?), is there any advantage? Can I reclaim any VAT back on purchases for this business? Or, can I ask suppliers that they don't charge me VAT? Or is the answer so both of those questions 'NO'?
For what it's worth, I'm guessing and presuming that the answer to both above is 'NO', but would like to hear from people in the know.
Many thanks.
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