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VAT in a P&L

  • 27-10-2022 12:41pm
    #1
    Mikebyrne
    Registered Users, Registered Users 2 Posts: 177 ✭✭


    Hi,

    Just looking for a bit of advice

    I'm about to submit my P&L for 2021 and it's slightly different for me this year as I'm now registered for VAT

    I've paid this directly to the revenue via ROS but haven't put this into the P&L, Am I correct in doing this?

    Any help would be great



Comments

  • #2
    kheb
    Registered Users, Registered Users 2 Posts: 90 ✭✭kheb


    Your income and expenses in the p&l should be net of VAT.



  • #3
    SureYWouldntYa
    Registered Users, Registered Users 2 Posts: 7,823 ✭✭✭SureYWouldntYa


    As kheb said, your P&L needs to be net of VAT

    i.e. if you spent €1,230 on Vodafone in the year, and reclaimed €230 in VAT, then the expense in your P&L should be €1,000



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