- Who must register for VAT?
- How do I register for VAT?
- What rate is VAT charged at?
1. Who must register for VAT? You must register for VAT if you are a taxable person (or business) and your annual turnover (i.e. the amount of your receipts excluding VAT) exceeds or is likely to exceed the following annual limits:
- €75,000 in respect of the supply of goods
- €37,500 in respect of the supply of services
You may also be obliged to register for VAT if you receive taxable services from abroad or if you are a foreign trader doing business in the State.
If you are involved in buying or selling goods within the EU you will need more detailed information and should consult with a member of FIXMYTAX staff.
Back to the top 2 How do I register for VAT?To register for VAT you must fill in one of the following forms:
- Registration Form TR1 for a sole trader or partnership,
- Registration Form TR2 for a company.
Back to the top 3 What rate is VAT charged at?The standard rate of VAT is 21% (21.5% for 2009 only), which applies to all goods and services that are not exempt or liable at the zero or reduced rates
The first Reduced rate of VAT is 13.5%, which applies to certain fuels, buildings and building services, certain newspapers etc.
The second Reduced rate of VAT is 5.2%, which applies to livestock, live greyhounds and the hire of horses.
The third reduced rate of VAT is 0%, which is for zero-rated goods and services, which include exports, certain food and drink, oral medicine, certain books etc.
There are also some exempted goods and services, which include financial, medical and educational activities.
If you need further information on the rate at which VAT is charged on goods or services please contact FIXMYTAX.COM.
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