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claiming VAT on goods paid personally

  • 26-05-2011 4:13pm
    #1
    peter redmond
    Closed Accounts Posts: 45 ✭


    Quick question guys,
    If an individual pays for goods or services themselves (personally) but the company should have paid for it?

    1.) What is the accounting treatment
    2.) should the VAt be claimed if accounted for on a single entry basis


Comments

  • #2
    greendom
    Registered Users, Registered Users 2 Posts: 16,382 ✭✭✭✭greendom


    peter redmond wrote: »
    Quick question guys,
    If an individual pays for goods or services themselves (personally) but the company should have paid for it?

    1.) What is the accounting treatment
    2.) should the VAt be claimed if accounted for on a single entry basis

    You'd need to claim the expense back from the company. If you provide them with a VAT receipt they'll then be able to claim it back from revenue.


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