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Setting off VAT against Y tax refund.

  • 25-08-2014 12:36pm
    #1
    sweetpea10
    Registered Users, Registered Users 2 Posts: 8 ✭


    Hi, first post!

    I'm self employed and just received government payment which was subject to witholding tax of 20% (and inclusive of 23% VAT).

    I will be due a tax refund of the witheld amount and am wondering if i can set this off against the VAT which is due?? Or is it a case of having to pay the VAT now and seek the refund at the end of the year?

    Thanks for any replies.


Comments

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


    is it Professional services withholding tax or Relevant contract tax.

    dbran


  • #3
    sweetpea10
    Registered Users, Registered Users 2 Posts: 8 ✭sweetpea10


    Professional services.


  • #4
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    If it is professional services withholding tax then you cannot normally offset this against VAT only income tax or corporation tax in the case of limited companies.

    So you will have to pay VAT and claim it back at the end of the year.

    Regards

    dbran


  • #5
    sweetpea10
    Registered Users, Registered Users 2 Posts: 8 ✭sweetpea10


    thanks


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