business startup and vat no.?

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bongo101

Registered User
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hello, in starting up a small business and need a vat no. for uk purchases,
if i register for vat tomorrow, would i be liable for returns this year before 31st oct? do i need to file anything this year or will it effect my pleminary next year?
should i just wait till start of november to reg?
thanks
 
There are several things to consider before registering for VAT - all covered on AAM already - If you are below the registration threshold you might still want to register but a lot will depend on whether your customers ar VAT registered or not

There is a guide to VAT on revenues website which is very helpful

VAT is seperate to Income tax- there is no preliminery VAT
 
thanks, i forgot to say when i register on tr1 form, id be registering for self assessment employment at the same time, i know vat isnt priliminary, but wound i have to file returns for 2011 even if i didnt make money?
 
http://www.revenue.ie/en/tax/it/leaflets/it10.html

Making Tax Returns under Self-Assessment for the first time

Individuals, who enter the self-assessment system because they have commenced to trade, have until the return filing date for the second year to submit tax returns for both the first and second year of trading. However, as mentioned previously, early filing of returns is advisable, as it establishes tax liability due in advance of payment deadlines.
Early filing does not bring forward the payment date. It is your responsibility to calculate your own tax liabilities. However, if you file your tax return on or before 31 August, Revenue will calculate your tax liability for you based on your return for the year in question. This will assist you in paying the correct amount by the due date, 31 October. If you file your return after 31 August we cannot guarantee to provide you with a final assessment before 31 October and you may have to do your own calculations
 
thanks again, i had read that but wasnt sure, it would make sense to wait 10 days till after the 31st and have flexibility for 2 years instead of 1yr and 10 days if i registered today?
When revenue say "your first year in business" do they mean their financial year or my financial year depending on what months i make my accounts too?
 
The 31 October 2011 pay & file tax deadline has absolutely no bearing on your income tax and VAT obligations, regardless of whether you register now or next month.

If you're confused on this, you may need to obtain professional advice and you should be careful not to register for VAT until you have clarified the issues and obligations that arise from registering.
 
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