Claiming back VAT

Kelter

I'm a one man company and am trying to see what VAT I can claim back to reduce my bill for 2009 and was wondering if a reciept doesn't explicitly say that it is a vat reciept... let say a dublin bus ticket for the sake of example, can you clam back the VAT?

Bobby1984

http://www.revenue.ie/en/tax/vat/charging/invoicing.html

See paragraph 4.1 on the above link for what must be included on an invoice in order to claim vat.

Not familiar with Dublin Bus tickets but i would doubt that vat can be reclaimed. However these costs could possibly be claimed as a business expense:cool:

Kelter

Great stuff. Thanks for that

Skylined

As long as whoever your trying to claim Vat back from is legitimate and it is a business expense. Many shop receipts don't have a detailed vat breakdown, so calculate the correct rate of vat and record this.when you are doing up you vat ledger record your payment type (cheque, laser, visa, try to minimize cash as auditors want to see where this comes out of your a/cs) your purchase gross and nett of vat, vat rate, date and a description. As long as you can proof beyond reasonable doubt that it is a business expense. Familarise your self with what you can and can't claim vat back on with the revenue site. Also its worth if your buying something personal and your supplier is fairly sound, to get them to word the invoice carefully so it can be put down as equipment etc. The main thing is be cute and CYA - cover your arse cause when you have an audit and a group of shrewd miticualous ***** are tearing through accounts and they find a red herring - they'll ****in ride ya.

Like myself you work for yourself, theres enough waste of tax money on black hole systems and services - they tax your smoke, they tax your pint, the tax your transport, go out and sweat, bleed and suffer - they'll tax you on that. so I think there's nothing wrong with a little adjustment of costs.;)

Mr. Incognito

There is a link to the VAT Guide in the stickies. Kindly read the resources that are available. That's why they're there.

Corrs LIGHT

Kelter wrote: »

I'm a one man company and am trying to see what VAT I can claim back to reduce my bill for 2009 and was wondering if a reciept doesn't explicitly say that it is a vat reciept... let say a dublin bus ticket for the sake of example, can you clam back the VAT?

There is no VAT on the bus tickets. (i.e. public passenger transport)

Its exempt under the First Schedule of VATA 1972.