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Quick Vat \ Tax Question

  • 09-09-2009 8:44pm
    #1
    robbie_62
    Registered Users, Registered Users 2 Posts: 28 ✭


    Hi Guys,

    Just a few quick questions about Vat and Tax,

    Im registered as Self Employed Since 01st Jan 2009 as an IT Consultant,

    I have registered my office at my home address,I spend most of my time on site with different clients,an odd day is spent at home in the home office.

    Vat \ Tax Queries :

    a)I bought a laptop for the home office in February but never thought about claiming the Vat off ,Is is possible to still claim this on my tax bill at the end of the year ?

    If so,Can I claim the full amount in year one ?
    What percentage of the ex.vat price can I claim back ??


    b)Im using my own personal car to travel to customers sites,Can I claim back Vat \ Tax on my Fuel Expenses ?
    A friend of mine who is a Financial Controller told me I can claim back a percentage of both, ie - 60% of the car usage is for work so I can claim 60% of the fuel costs on my Vat \ Tax Bill .

    Can anyone confirm this is correct or not ?

    c)As I started in Jan 2009,When is my Tax return due and for what period ?

    Thanks in advance !

    Rob


Comments

  • #2
    TaxingTimes
    Registered Users, Registered Users 2 Posts: 145 ✭✭TaxingTimes


    I am assuming that you are self employed and do not have a Limited Company - although you have refered to a registered office.

    Re VAT: Are you registered for VAT?

    If you use the computer wholly for business use (no personal use at all) you can claim 100% of the VAT back if you are VAT registered. If you use for personal use, you have to estimate the amount for personal use, and only claim back the business percentage. Note that the caim may have to be under Capital Allowances rather than revenue expenditure.

    You should include the VAT reclaim in your next VAT return (although strictly speaking you should go back and amend the relevant VAT return, but this would be more trouble that it would be worth.

    Regarding car usage, you can claim an expense for the business proportion of use of your car, and will therefore have to record all costs, tax, insurance, repairs, services, NCT and petrol/diesel. You should have a mileage log to show how you calculate the business percentage.

    You can also claim a percentage of the cost/value of your car under Capital Allowances.

    Note that you can't reclaim VAT on petrol costs, only on diesel in your circumstances.

    You need to prepare a Form 11 for 2009, to be submitted by 31 October 2010.

    I would suggest that you get professional advice with regard to your accounts and tax.

    www.taxingtimes.ie


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