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Sole Trader and Car repair cost

  • 15-01-2014 12:57pm
    #1
    Gerry T
    Registered Users, Registered Users 2 Posts: 1,469 ✭✭✭


    Hi all, I am operating as a sole trader this year and have a registered business name (not Ltd.) I am also in the process of registering for VAT, plan to get that done before the end of January. Expected turnover this yr is 40k, majority of the work is service related not supply of goods.
    There will be travel (driving in Ireland) involved, and I intend to use the family car.

    The question is my car had a major fault which is going to cost 3.5k excluding VAT to fix. If I pay this bill this week and register for VAT can I claim that VAT back ?

    Secondly can I claim the 3.5k against any tax as a business expense ?


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    Gerry T wrote: »
    Hi all, I am operating as a sole trader this year and have a registered business name (not Ltd.) I am also in the process of registering for VAT, plan to get that done before the end of January. Expected turnover this yr is 40k, majority of the work is service related not supply of goods.
    There will be travel (driving in Ireland) involved, and I intend to use the family car.

    The question is my car had a major fault which is going to cost 3.5k excluding VAT to fix. If I pay this bill this week and register for VAT can I claim that VAT back ?

    Secondly can I claim the 3.5k against any tax as a business expense ?
    Not sure about the vat in relation to claiming as a business expense you can probably claim a % based on how much you use the car for the business.


  • #3
    Gerry T
    Registered Users, Registered Users 2 Posts: 1,469 ✭✭✭Gerry T


    Thanks Ciaran, have been off line for a couple of days.
    Spoke to an accountant, casually so not professional advise and was told if registered for vat this month I can claim the VAT and then as you suggest a % of the 3.5 can be claimed - once its realistic it won't be questioned too hard.


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