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Comments

  • #52
    KCTK
    Registered Users, Registered Users 2 Posts: 378 ✭✭KCTK


    funny man wrote: »
    Have you proof to back this up. I have come through two Tax audits one as a sole trader and the other as a company and revenue had no problem with cheque stubs and no invoice or receipt, they only said they would not except a stub if i couldn't produce an accurate name and address of the payee. every farmer on here buys goods especially from other farmers without invoice or receipt so are you imploying that this can't be used as an expense?

    Agree funny man, once expense is "wholly and excllusively" for your business(farming) and not of a capital nature then fully deductible. Only place in tax law an invoice is mentioned is for VAT and seeing as most farmers are not reqistered for VAT then there is no requirement that they issue an invoice on any sales. So the small farmer selling a few round bales etc to his neighbour does not need to issue an invoice and once the neighbour has proof of payment as you've outlined above (stub and details) it will be accepted by Revenue.


  • #53
    funny man
    Registered Users, Registered Users 2 Posts: 908 ✭✭✭funny man


    Good to have the expertise of an accountant to confirm peoples opinions. any chance you would look at the thread on setting up a company, some very poor adivce on there.


  • #54
    6600
    Registered Users Posts: 157 ✭✭6600


    While you may be right in the letter of the law KCTK, I would be very slow to say to people that there's no need to keep invoices for their purchases. There is a requirement for proper books and records to be kept which includes purchase invoices. Maybe a stub will do but its good practice to keep an invoice file. If you don't get an invoice write out the details on a piece of paper and put it on the file as a record. That way you don't need to worry when you get an audit 4 years later.
    Some Revenue inspectors are stricter than others. I had one who insisted on copies of returned cheques. This was for someone in the fishing business. Needless to say the cute hoor wasn't so cute after that.


  • #55
    KCTK
    Registered Users, Registered Users 2 Posts: 378 ✭✭KCTK


    6600 wrote: »
    While you may be right in the letter of the law KCTK, I would be very slow to say to people that there's no need to keep invoices for their purchases. There is a requirement for proper books and records to be kept which includes purchase invoices. Maybe a stub will do but its good practice to keep an invoice file. If you don't get an invoice write out the details on a piece of paper and put it on the file as a record. That way you don't need to worry when you get an audit 4 years later.
    Some Revenue inspectors are stricter than others. I had one who insisted on copies of returned cheques. This was for someone in the fishing business. Needless to say the cute hoor wasn't so cute after that.

    Oh totall agree 6600 on keeping proper records, if you get an invoice keep it and definately have at least enough details on a cheque stub to be able to know what that payment was exactly for if they come a knocking in the future and it would be even better as you say above to have a more detailed record (we all have computers so it would be very quick to set up an excel doc etc to fill details into, and dont say it would take too much time, how many cheques do you write every day!!!)
    It is definately hit and miss with Revenue inspectors alright, some can go absolutely mad looking for stuff and need to be managed accordingly...


  • #56
    foxylock
    Closed Accounts Posts: 429 ✭✭foxylock


    As a self employed tradesman I'm VAT registered as required to attain a C2 cert, however I notice that some farmers are Vat registered and some are not. What are the advantages or disadvantages of being registered? Obviously the ability to claim back the VAT is a big plus, so why isn't everyone doing it?


  • #57
    Username John
    Closed Accounts Posts: 4,237 ✭✭✭Username John


    foxylock wrote: »
    As a self employed tradesman I'm VAT registered as required to attain a C2 cert, however I notice that some farmers are Vat registered and some are not. What are the advantages or disadvantages of being registered? Obviously the ability to claim back the VAT is a big plus, so why isn't everyone doing it?

    Hi foxylock,

    You can still claim back tax on certain items (sheds, reclaiming, fencing) even if you are not VAT registered.
    See here

    As for porcs & cons of VAT registered vs non-registered, someone else will have to answer that am afraid...


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