C caittroy Guest 12 Nov 2010 #1 vat, feel stupid Is VAT on the monies taken only.Does one's purchases have any inpact on VAT.made €22,000 but spent 18,000 as I had lots start up charges and equipment to buy.
vat, feel stupid Is VAT on the monies taken only.Does one's purchases have any inpact on VAT.made €22,000 but spent 18,000 as I had lots start up charges and equipment to buy.
M mathepac Registered User Messages 8,078 14 Nov 2010 #2 If you are not registered for VAT you have paid out VAT on your purchases but you cannot reclaim it and you cannot charge VAT on your sales. If you are registered for VAT, then you pay the Revenue the difference (VAT on Sales less VAT on Purchases) That's it at its simplest.
If you are not registered for VAT you have paid out VAT on your purchases but you cannot reclaim it and you cannot charge VAT on your sales. If you are registered for VAT, then you pay the Revenue the difference (VAT on Sales less VAT on Purchases) That's it at its simplest.