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Fencing - current or capital expense

  • 21-09-2016 8:45am
    #1
    arctictree
    Registered Users, Registered Users 2 Posts: 4,364 ✭✭✭


    Lads - have to pay for some fencing that I put up recently. Also includes a few gates. Anyone know if this is a current or capital expense? I assume since its new wire and posts that its capital? I think repairs to existing fencing is current?


Comments

  • #2
    epfff
    Registered Users, Registered Users 2 Posts: 1,428 ✭✭✭epfff


    arctictree wrote: »
    Lads - have to pay for some fencing that I put up recently. Also includes a few gates. Anyone know if this is a current or capital expense? I assume since its new wire and posts that its capital? I think repairs to existing fencing is current?

    New capital
    Repair current


  • #3
    MfMan
    Registered Users, Registered Users 2 Posts: 3,506 ✭✭✭MfMan


    If reclaiming for VAT on items on the VAT58 form, don't mention anything about repairs anywhere. If they send it back, looking for details or a description of works done, be sure to state that it was for new work. *Experience*


  • #4
    JeffKenna
    Registered Users, Registered Users 2 Posts: 4,602 ✭✭✭JeffKenna


    Reclaim vat = Capital
    Don't reclaim = Current


  • #5
    adne
    Registered Users, Registered Users 2 Posts: 1,220 ✭✭✭adne


    JeffKenna wrote: »
    Reclaim vat = Capital
    Don't reclaim = Current

    Can the vat on stone for a new farm roadway be claimed via form 58?


  • #6
    White Clover
    Registered Users, Registered Users 2 Posts: 4,765 ✭✭✭White Clover


    adne wrote: »
    Can the vat on stone for a new farm roadway be claimed via form 58?

    Was that the stone you used in the new field drains?!!


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  • #7
    Buford T. Justice XIX
    Closed Accounts Posts: 20,633 ✭✭✭✭Buford T. Justice XIX


    adne wrote: »
    Can the vat on stone for a new farm roadway be claimed via form 58?
    On a new road, yes.

    Repairs, no.

    Just on vat reclaims, I was in with the accountant this morning and she was saying everything bar fencing and new buildings was coming back with a query and delays of a few weeks.


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