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VAT Reclaim - Repair or Reconstruction

  • 01-10-2018 3:10pm
    #1
    arctictree
    Registered Users, Registered Users 2 Posts: 4,364 ✭✭✭


    Just looking for opinions on a VAT reclaim I will be doing for building work.

    Basically, I have a very old 3 span hay shed. I got all new steel pillars (the old ones were rusted to bits) and new sheeting on 3 of 4 sides. Kept the old roof. I also built new lean tos on both sides.

    The VAT reclaim form says:

    "NB: VAT is not refundable on:
    repairs to farm buildings, structures and farm roadways "

    and

    "B.
    FARM BUILDINGS OR STRUCTURES
    Where the claim is in respect of outlay on the construction, extension, alteration or reconstruction of farm buildings
    or structures, erection or installation of qualifying equipment for the purpose of micro-generation of electricity for
    use solely or mainly in his or her farming business"


    So would my work be a repair or reconstruction?!


Comments

  • #2
    Timmaay
    Registered Users, Registered Users 2 Posts: 11,396 ✭✭✭✭Timmaay


    Reconstruction definitely. You do need to revalue your shed in your books, and can only depreciation the value of reconstruction over several years for capital tax allowances, against if it was repairs, in which case you would just be writing off the full repair amount in that year.


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


    arctictree wrote: »
    Just looking for opinions on a VAT reclaim I will be doing for building work.

    Basically, I have a very old 3 span hay shed. I got all new steel pillars (the old ones were rusted to bits) and new sheeting on 3 of 4 sides. Kept the old roof. I also built new lean tos on both sides.

    The VAT reclaim form says:

    "NB: VAT is not refundable on:
    repairs to farm buildings, structures and farm roadways "

    and

    "B.
    FARM BUILDINGS OR STRUCTURES
    Where the claim is in respect of outlay on the construction, extension, alteration or reconstruction of farm buildings
    or structures, erection or installation of qualifying equipment for the purpose of micro-generation of electricity for
    use solely or mainly in his or her farming business"


    So would my work be a repair or reconstruction?!

    Do we understand that VAT can be claimed back under 'B' above?

    Do not put down 'Repairs' on the VAT58 form; any work you do is...ahem.. construction of new fencing, gateways, enclosures etc. Spread out the reclaims over (up to) 4 years if you think necessary, if you are concerned you're claiming back too much on the form for one year.


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