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Capital Goods Scheme

  • 29-01-2017 8:55am
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    If a company reclaimed the Vat on purchase of a property in full and subsequently changed mix to 50% exempt 50% taxable activities but never applied interval adjustments are the penalties severe?
    If a subsequent sale should amended returns be done or just pay back the incorrectly claimed VAT in effect backdating the interval adjustments and correcting in one return?
    Asssuming final sale is exempt as property not "new" for VAT purposes.


Comments

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


    Heisenburg81 wrote: »
    If a company reclaimed the Vat on purchase of a property in full and subsequently changed mix to 50% exempt 50% taxable activities but never applied interval adjustments are the penalties severe?
    If a subsequent sale should amended returns be done or just pay back the incorrectly claimed VAT in effect backdating the interval adjustments and correcting in one return?
    Asssuming final sale is exempt as property not "new" for VAT purposes.

    You can only self correct in one return upto a maximum ( i believe 5,000 but check this)

    VAT on property is a specialist area and I would advise speaking to a specialist.


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