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Tax possibilities with a LTD company

  • 21-09-2022 11:27am
    #1
    andyd12
    Registered Users, Registered Users 2 Posts: 395 ✭✭


    Hi, my brother and I have recently set up a LTD company.

    We are both working PAYE at the moment for employers. With a view to potential pursuing the company in the future.

    There is no flow of money through the account at the moment.

    Some things we are not so sure on. We are both planning on building houses soon.

    Can we:

    Buy materials through the company? And claim the taxback?

    Buy a van? And claim the taxback?

    Does the company need to be turning over to avail of tax breaks?


    Thanks



Comments

  • #2
    Alan_007_
    Registered Users Posts: 356 ✭✭Alan_007_


    Replying to this on the off-chance that you're not trolling.


    No, you can't use a company to commit tax evasion.



  • #3
    Alan_007_
    Registered Users Posts: 356 ✭✭Alan_007_


    https://www.boards.ie/discussion/comment/119652601#Comment_119652601

    I've just had a look at your post history - it doesn't look like you're trolling.


    Do yourself a favour and contact an accountant before you and your brother get yourselves in more trouble.


    Since you've set up the company already, you've drawn a few obligations upon yourselves with potentially nasty penalties if and when you get things wrong.



  • #4
    ari101
    Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    Plus one for get some advice.

    Even if the company stays dormant for a while you'll need to file some returns with the CRO/Revenue, and there are penalties for not doing these on time.

    You can only claim vat/tax deduction for purchases related to the business/trade you are carrying on.



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