Can an old purchase invoice be offset against a more recent liability?

W

Wishes

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I have a PRSI liability from 2010 that I am currently making payments on.

Whilst looking over my books from 2007, I noticed that a purchase invoice from that period had not been entered onto the system. The purchase was for a truck. The accountant had missed this at the time and I did not notice.

My PRSI liability for 2010 is €3,000.00. I am now with a new accountant and have asked her can the missed purchase invoice from 2007 be offset against the 2010 liability. She tells me this cannot be done.

Could somebody please confirm if this is correct?
 
Wishes said:
I have a PRSI liability from 2010 that I am currently making payments on.

Whilst looking over my books from 2007, I noticed that a purchase invoice from that period had not been entered onto the system. The purchase was for a truck. The accountant had missed this at the time and I did not notice.

My PRSI liability for 2010 is €3,000.00. I am now with a new accountant and have asked her can the missed purchase invoice from 2007 be offset against the 2010 liability. She tells me this cannot be done.

Could somebody please confirm if this is correct?
Click to expand...

Are you talking about the VAT on the invoice, or what?

Your accountant is correct anyway. There is a 4-year time limit on claims to repayment of tax. A VAT (or any other tax) repayment arising in 2007 can no longer be claimed, even indirectly by way of offset. [broken link removed]

If the purchase of the truck was never recorded, you may be entitled to additional capital allowances.
 
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