irishbogger
Registered User
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It depends on whether it's VAT exempt, or 0% VAT.However, if I register the VAT exempt business for VAT (or do I just not register it?), is there any advantage?
It's VAT excempt according to revenue. So no advantage, I guess!It depends on whether it's VAT exempt, or 0% VAT.
If exempt, no advantage.
If 0%, you claim the vat back on purchases, but there's no VAT charged on your sales.
Why do you think it is Exempt? I think, reduced rate applies.
I'm on less sure ground here, but I would have thought as a person registered for VAT, all your activities (consultancy and hiring out) were caught from that day of registration.
What kind of charters do you do? Sightseeing or fishing?It's VAT excempt according to revenue. So no advantage, I guess!
Yes, correct. I completely missed the fact both were sole trades (I'm used to IT consultants being limited companies).I'm on less sure ground here, but I would have thought as a person registered for VAT, all your activities (consultancy and hiring out) were caught from that day of registration.
Sightseeing.What kind of charters do you do? Sightseeing or fishing?
So both businesses being sole trader, are you saying that I am liable to charge (and hence claim) VAT on both businesses? Sorry, just sort of confused by your post.Yes, correct. I completely missed the fact both were sole trades (I'm used to IT consultants being limited companies).
Sorry, poor wording on my part.So both businesses being sole trader, are you saying that I am liable to charge (and hence claim) VAT on both businesses? Sorry, just sort of confused by your post.
Gotcha, thanks! You had me worried.Sorry, poor wording on my part.
Because they are both sole trader, you are already registered for VAT for both.
However, you still have 2 businesses, 1 of which appears to be VAT exempt, but it's still registered. Just you can't claim back vat related to that business if the services you sell are exempt.
This is a common enough scenario; e.g a publican (vatable) that's also an undertaker (exempt).
Actually, I believe you should, and then self account for VAT on a reverse charge basis.I can't purchase items from the UK at 0% VAT (Intra)? (Expenses directly related to the 2nd business)
Actually, I believe you should, and then self account for VAT on a reverse charge basis.
I'm not looking for advise on whether the business is exempt or not, it is... I rang Revenue for confirmation.But again, why is this exempt exactly? I think there's different treatment if you're hiring it out with yourself as a driver for a few hours, than if you rent it out for a few days/weeks,
Almost all of my expense purchases are from the UK, so would be nice to pay 0% VAT.
Actually, I believe you should, and then self account for VAT on a reverse charge basis.
No, once you're VAT registered, you should do it the other way.If this is allowed
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