CLAIM BACK VAT ON WHAT EXACTLY?

daraclare

Hey folks, can anyone help me?

I registered my own design business for VAT last March and have finally started making money this month.

I know I can claim for taxis I get to and from work meetings but what else?

Haven't a clue about tax to be honest and just learning as I go. Can't find much when I google it.

Can I claim for my NTL broadband at home as I work there too? My mobile phone?

Any help much appreciated!

daraclare

Can anybody hear me? Need help!:o

noeleenred

You can claim VAT on any business expense. You must keep a copy of the invoice or receipt. You will see on the invoice/receipt the amount of VAT on the purchase and this is what you claim.

In relation to broadband, you must access how much of it is business and how much is personal. Eg if you use the internet half of the time for business and half for work then you can claim 50% of the VAT and expense.

Other information can be found at
http://www.revenue.ie/en/tax/vat/full-intro.html

daraclare

Thanks for that! Was feeling all left out in the cold there, cheers.

Does it matter that my mobile/broadband just has my name on it not the business name (the address is the same)?

gratusa

Hi there,

Once your registered address matches the one on the bill it's fine, you don't necessarily have to have your business name stated.

Here is a list of common business expenses:

Home Phone - as posted only claim for those costs which are genuine business expenses, it's about average to claim 50%
Internet - 100%
Mobile - 100%
Taxis/Travel costs ** Please note that travel to and from work is NOT ALLOWABLE when taking the civil servant rates etc as a comparison
Professional Subscription Costs

I wouldn't recommend that you claim for "Home Office costs - such as Light and Heat, Rent as this could prove an issue later as a Capital Gain on the property.

Also no entertainment costs - this will only cause the Revenue to want to audit you

And remember to claim VAT you must be registered and charge VAT too - on your invoices.

Good luck :pac:

daraclare

Great, that's exactly what I'm looking for, thanks! All registered and charging VAT and all that of course, thanks again. I'm off to me sums now ;o)

Bobby1984

If a vat refund is claimed for any period be prepared to send receipts to the Revenue. They dont like giving out money that easy

A claim for a refund also increase the chances of a vat audit. Make sure that all receipts, invoices etc are maintained for 6 years and you will have no problems