Register For VAT

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Register for VAT
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VAT- the dreaded 3 letters that a business owner
or contractor hates to hear, for several reasons,
due to hassle to account for, file with Revenue
fines for not filing. However we are at hand to
help! We are here to make VAT seem like a walk in
the park with our break down of how it works in
Ireland and who needs to apply for it! I can hear
you say phewwww already.
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VAT looks like this Value added tax (VAT) is
when a part of the supply chain has tax added to
it. The boring part, Value-added taxation is
based on taxpayers consumption rather than their
income. In contrast to a progressive income tax,
which levies greater taxes on higher-level
earners, VAT applies equally to every purchase.
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How is Your Turnover Determined?
Your turnover figure may exceed the threshold
limit, however, you may not be required to
register for VAT. For registration purposes, the
turnover figure may be reduced by the amount of
VAT paid on stock bought for re-sale. You should
use this reduced turnover figure to see if you
can register for VAT. This adjusted turnover
figure is used only to determine your turnover
for registration for VAT.
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How Do You Register For VAT?
If you require VAT registration, you can do this
through Revenues eRegistration facility. Once
you register for VAT, you must submit tax returns
and payments electronically. See the Mandatory
filing section for more information on paying and
filing your tax online.
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For more update , visit us
https//peakaccountingsolutions.ie/2020/07/05/regi
ster-for-vat