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by galvin
1989 days ago
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Most countries have exemptions for small businesses. In Ireland for example you do not have to collect VAT if your revenue is below 72k. Presumably you should be able to afford an accountant by the time you reach that figure. It's worth mentioning that you can't deduct VAT on your purchases if you don't collect VAT so if you have low margins that might be an issue. Edit: The thresholds in Ireland are actually 75k for goods and 37.5k for services. The figure I remembered is out of date. |
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I've never heard of it and would be very interested in taking advantage.