J
Jabber
Guest
Hi,
A friend purchased a franchise last year and registered for VAT and is claiming returns on his business related items, the franchise has not been successful and he is considering just shutting up.
Question 1
He has not passed the €50,000 threshold is he required to pay back the VAT he claimed, he has not made any money of the franchise and has actually lost @€20,000.
Question 2
Can he claim this lost investment against PAYE he pays on his regular full time job.
A friend purchased a franchise last year and registered for VAT and is claiming returns on his business related items, the franchise has not been successful and he is considering just shutting up.
Question 1
He has not passed the €50,000 threshold is he required to pay back the VAT he claimed, he has not made any money of the franchise and has actually lost @€20,000.
Question 2
Can he claim this lost investment against PAYE he pays on his regular full time job.