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What should I do if my turnover goes over the threshold of small scale business activity?
Your company must submit an application for VAT registration, starting the date when the threshold was exceeded. The date of exceedance will also mark the start date of your liability to pay VAT.
If you notice that the turnover exceeds the €20,000 threshold, here is what to do:
- Sign up for the VAT register immediately.
- File VAT returns, and pay the VAT, starting the date when the threshold was exceeded.