mikeyclare
Registered User
- Messages
- 12
Hi
I have a business that will need to VAT register as my turnover is probably going to exceed the limits. My business is only operating 2/3 months but going on the monthly limit I will go over the limits. When do I need to VAT register? Will doing it at 6 months be ok? I would estimate my annual turnover to be £100k for sale of goods.
I also purchase all my stock in the UK and pay UK VAT at date of purchase.
If I VAT register in Ireland next month is there any way I can reclaim the UK VAT paid on stock held at date of VAT registration as surely it seems unfair if I also have to pay VAT again on the sales price?! I understand going forward I will not pay UK VAT on stock purchased but I still have the problem that I have paid more for some stock that I will need to declare as sales on my vat return.
Help. Thanks
I have a business that will need to VAT register as my turnover is probably going to exceed the limits. My business is only operating 2/3 months but going on the monthly limit I will go over the limits. When do I need to VAT register? Will doing it at 6 months be ok? I would estimate my annual turnover to be £100k for sale of goods.
I also purchase all my stock in the UK and pay UK VAT at date of purchase.
If I VAT register in Ireland next month is there any way I can reclaim the UK VAT paid on stock held at date of VAT registration as surely it seems unfair if I also have to pay VAT again on the sales price?! I understand going forward I will not pay UK VAT on stock purchased but I still have the problem that I have paid more for some stock that I will need to declare as sales on my vat return.
Help. Thanks