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Can I wait until next year to claim VAT and capital allowance?

  • 04-10-2010 8:46am
    #1
    spectre
    Registered Users, Registered Users 2 Posts: 729 ✭✭✭


    I've recently began an IT contract which will continue into 2012. I elected to work uder an umbrella company until the remainder of the year and switch to a limited company structure next year as I have plenty of unused tax credits for 2010.

    I wish to buy a laptop. Can I purchase it now and wait until next year to claim back the VAT and capital allowance?


Comments

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


    You need to be registered for VAT before you incur expenses and be able to reclai the VAT. Sometimes VAT may be backdated, but usually only to the beginning of the relevant period in which the registration is made.


  • #3
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    TaxingTimes wrote: »
    You need to be registered for VAT before you incur expenses and be able to reclai the VAT. Sometimes VAT may be backdated, but usually only to the beginning of the relevant period in which the registration is made.

    +1

    And in the case of a company it cannot be backdated before the company is incorporated.


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