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Question on VAT

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  • 13-11-2013 3:17am
    #1
    somahoney74
    Registered Users Posts: 51 ✭✭


    Hi there, I bought a new jeep last March, I have since set up a new business in September and am a sole trader. I am also a paye employee. Would it be possible for me to claim back the VAT paid on the Jeep? Thanks for your time replying.


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    #2
    ssbob
    Registered Users Posts: 2,736 ✭✭✭ssbob


    somahoney74 wrote: »
    Hi there, I bought a new jeep last March, I have since set up a new business in September and am a sole trader. I am also a paye employee. Would it be possible for me to claim back the VAT paid on the Jeep? Thanks for your time replying.

    No, you had bought the JEEP before you set up the business, however you quite possibly will be able to claim capital allowances for the JEEP if it is only being used for the business.

    Go get yourself an accountant though as we are likely talking a large sum of money and any mistakes on this could lead to large penalties and interest.


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    #3
    KED
    Registered Users Posts: 21 ✭KED


    Hi

    I had the same issue when I became a sole trader ..... everyone on this site told me I could NOT reclaim VAT as I purchased an item (which was for an essential part of my business) prior to registering as a sole trader. Likewise all documentation I read - confirmed the same conclusion.

    HOWEVER - I contact Revenue and outlined my case and they backdated my VAT start date. Got full VAT refund.

    So although the advise given to you by other is technically correct .... just pick up the phone to Revenue and outline your business case. Worked for me.

    KED


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