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Giving away purchases ?

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  • 14-11-2006 5:03pm
    #1
    BreadBoard
    Closed Accounts Posts: 902 ✭✭✭


    Lets say I have a competition and the item I'm giving away I purchased is €100. The competition is just a way of bringing in more business and it doesn't cost anything for someone to enter.

    How would this work when I claim this on my expenses?, or what would I do in this situation ? :confused:


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    #2
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    BreadBoard wrote:
    Lets say I have a competition and the item I'm giving away I purchased is €100. The competition is just a way of bringing in more business and it doesn't cost anything for someone to enter.

    How would this work when I claim this on my expenses?, or what would I do in this situation ? :confused:
    That €100 would be tax exempt I believe.


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    #3
    BreadBoard
    Closed Accounts Posts: 902 ✭✭✭BreadBoard


    So, I would not have to pay tax on the item as it was giving away in a competition?

    Also would there be anyway I could claim back some of the €100 ?


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    #4
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    BreadBoard wrote:
    So, I would not have to pay tax on the item as it was giving away in a competition?
    No, you would pay tax on the purchase of the item, ie VAT and afaik you couldn't claim that back.
    You would subtract €100 from your taxable income when calculating PAYE or corporation tax, whichever is applicable.
    BreadBoard wrote:
    Also would there be anyway I could claim back some of the €100 ?
    From who?


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    #5
    BreadBoard
    Closed Accounts Posts: 902 ✭✭✭BreadBoard


    Gurgle wrote:
    No, you would pay tax on the purchase of the item, ie VAT and afaik you couldn't claim that back.
    You would subtract €100 from your taxable income when calculating PAYE or corporation tax, whichever is applicable.

    Ok thanks for the info. :)
    Gurgle wrote:
    From who?

    Dunno, anyone :D.. I'm new to all this and I just taught I'd put the question out there.


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