Farming & VAT Returns

Hello all. I'm pretty new to farming and accounts but I've been told that I can claim back VAT on repairs made to my farm. I do annual returns and write these repairs off as expenses which I assume is correct as its an outgoing. I dont know how this works with VAT returns. Can I do both (claim back the VAT and have these as an expense) ? or am I claiming back VAT when using these receipts as an expense ? Any knowledge on this area.

gInvestor said:

Hello all. I'm pretty new to farming and accounts but I've been told that I can claim back VAT on repairs made to my farm.

Click to expand...

You can only reclaim VAT on certain capital additions, ie investment in farm buildings, certain fencing costs, fixed equipment etc. You cannot reclaim VAT on routine repairs. For more, google Revenue VAT58 or similar. As always, professional advice is recommended if you're uncertain on any point.

You must remember also for items that you do reclaim VAT on your cost for your accounts is then the VAT exclusive price.

Thanks for the information guys. can anyone point me in the direction of the forms required or how about I go about getting these rebates.. Can I claim on old receipts from last year ?

VAT 58 is the form you require. You can locate it here [broken link removed]. You have four years to submit claim. You must submit original invoices and these used to have to marked paid(not sure if this is still the case).

Not too sure if they have to be marked Paid
I have done a few returns up and the invoices were not marked paid but still got the refund.
All must be correct VAT invoices though

The invoice is evidence of a VAT charge by the supplier. That evidence is what Revenue require. Proof of payment is not necessary. As you see on the notes to the claim form receipts for payment are not actually accepted, or statements, just invoices.