R
He only wants to dereigster for vat not dissolve the company, which I think you are talking aboutI went through this a few years ago rabbit,
Not a big deal - just more paperwork and takes a few months processing! The details are on cro.ie or via VAT office , but basically you need to:
1. Ensure all VAT and director tax obligations re filed and up to date
2. Obtain tax clearance cert
3. Post a public notice in a national newspaper advising fo notice to cease trading - basically to ensure that any potential creditors are given adequate notice
4. Send all of the above to VAT office/CRO
You're done!
I found CRO abrupt and difficult to deal with on the phone tbh, but the revenue commissioners the complete opposite, really helpful and pleasant.
-N-
I know someone whose business did not work out as well as expected and he is considering deregistering from the vat system, as his turnover is low enough that he does not need a vat number. In retrospect, it was a mistake getting a vat number. Has anyone ever done this - given back the vat number and the requirement to fill out all those vat forms / send off vat to the revenue commissioners ? Anyone know whats involved ?
Seems to me like there's more hassle involved in trying to get rid of it, rather than just keeping it. Any reason in particular why it was mistake? Just curious....In retrospect, it was a mistake getting a vat number...
Seems to me like there's more hassle involved in trying to get rid of it, rather than just keeping it. Any reason in particular why it was mistake? Just curious.
Because it is an added expense to the business. If the turnover is above a certain threshold then obviously there is no choice in the matter, the business has to pay vat. Thanks to all for your replies, I will pass the info on to my friend who mentioned it to me.
What is the threshold?
If you are deregistering and you have a company vehicle which you received a vat rebate for but are still not in a net refund situation (where you have received more vat than you have paid) how does this effect it? When you sell the vehicle down the line do you have to pay the vat to the revenue? That is if you continue to trade but are no longer vat registered?
Graham do you know what would happen in the situation i posted above? Will check with my accountant when i have a better idea what im talking about.
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