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VAT refund - can I take it out of the business?

  • 19-05-2021 7:31pm
    #1
    ulster
    Registered Users, Registered Users 2 Posts: 209 ✭✭


    I have a Ltd company and I am due a VAT refund shortly, going into my business account.

    What's the proper way to deal with this money? Can it be transferred directly into the personal account or does it have to be processed during the end of year tax return/ or via payroll?


Comments

  • #2
    spoiler
    Registered Users, Registered Users 2 Posts: 38 ✭spoiler


    If you take it of the business account and put it into your pesonal account it would be considered wages and you would need to pay tax on it. Unless you put money into the company and are owed it back then you can take out what you are owed back without paying tax. The VAT refund belongs to the company.


  • #3
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,691 ✭✭✭✭drunkmonkey


    Make sure your accountant has everything in order it's the kind of thing that could trigger a vat audit, happened me thankfully my accountant is on the ball.


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