Hi,
I have a business which is not VAT registered as it has been well below the VAT threshold of ~€70k sales or ~€40k imports.
However, most likely we will start exceeding the VAT thresholds in the coming months so we will have to register for VAT. My question is this:
If I have about €10k in stock which I have imported from from other european countries, for which VAT has been already paid to those countries at local applicable rates, how are the sales of those goods in Ireland treated re:VAT?
If I had to pay VAT twice, they would be sold at a loss. Waiting to register for VAT until all that 10k is sold is not realistic as stock will continue to be bought etc.
Is it possible to somehow 'separate' the stock into VAT-paid and VAT-liable?
I have a business which is not VAT registered as it has been well below the VAT threshold of ~€70k sales or ~€40k imports.
However, most likely we will start exceeding the VAT thresholds in the coming months so we will have to register for VAT. My question is this:
If I have about €10k in stock which I have imported from from other european countries, for which VAT has been already paid to those countries at local applicable rates, how are the sales of those goods in Ireland treated re:VAT?
If I had to pay VAT twice, they would be sold at a loss. Waiting to register for VAT until all that 10k is sold is not realistic as stock will continue to be bought etc.
Is it possible to somehow 'separate' the stock into VAT-paid and VAT-liable?