A: The VAT threshold will depend on whether you are supplying goods or services. For services the threshold is €37,500, for goods it is €75,000.
It’s important to note that you are obliged to register for VAT where the turnover thresholds are exceeded or are likely to be exceeded in any twelve-month period. This means if you feel sales in the next 12 months will exceed the threshold then you should register from that point on.
For persons supplying both goods and services where 90% or more of the sales is from the supply of goods then the threshold for Goods will apply.
When registering you should always opt for the cash receipts basis of VAT, if appropriate. This will assist your cashflow by allowing you to return VAT on debtor receipts and take a deduction for both VAT on creditor payments and crucially unpaid invoices.
We can help you register for VAT and with your ongoing bookkeeping so get in contact with us today and we will direct you to your nearest office.
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.