Disallowed VAT - Petrol, Entertainment etc

[jokerini]

How is VAT that is not allowed as an input credit analysed e.g. petrol or entertainment? Is it "Exempt" like insurance or simply "Non-Vatable" like Wages, or does it really matter at all?

 

[Joe_90]

VAT is not recoverable on petrol or entertainment because that's the rule.

Both are VATable products/activities. Exempt or non VATable are completely different.

 

[Setanta12]

I can't answer your question precisely other than to say that they are not exempt, or non-Vatable supplies received. The VAT as you do say, remains irrecoverable however.

(I would treat them as non-Vatable - some businesses can claim back VAT expenses on some exempt services received)

 

[dublin66]

Are you talking about an accounting package classification?

if so I'd suggest a category of vat not recoverable or words to that effect is what you want.