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VAT on sole trader purchases

  • 04-02-2020 11:30pm
    #1
    DankeyKang
    Closed Accounts Posts: 32 ✭


    I feel like this is obvious but I can't figure it out in my head. If I'm a sole trader and doing up rental accounts, and I'm not registered for VAT, do I claim the net or gross amounts on my purchases? For example if I buy a washing machine is the deductible cost off my rental income the total including VAT and I can't claim it back?


Comments

  • #2
    CiarraiAbu2
    Registered Users, Registered Users 2 Posts: 584 ✭✭✭CiarraiAbu2


    DankeyKang wrote: »
    I feel like this is obvious but I can't figure it out in my head. If I'm a sole trader and doing up rental accounts, and I'm not registered for VAT, do I claim the net or gross amounts on my purchases? For example if I buy a washing machine is the deductible cost off my rental income the total including VAT and I can't claim it back?

    Gross


  • #3
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    DankeyKang wrote: »
    I feel like this is obvious but I can't figure it out in my head. If I'm a sole trader and doing up rental accounts, and I'm not registered for VAT, do I claim the net or gross amounts on my purchases? For example if I buy a washing machine is the deductible cost off my rental income the total including VAT and I can't claim it back?

    You're not registered for VAT. Just like a consumer you suffer VAT on your inputs. It's part of the cost. A W/M costing €399 incl VAT goes into the accounts at €399.


  • #4
    DankeyKang
    Closed Accounts Posts: 32 ✭DankeyKang


    Lovely, thanks lads.


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