Reclaiming Vat query

B

bob

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Reclaiming Vat query

How to reclaim VAT three scenarios

  • I have a contracting limited company registered for VAT so I understand that VAT on goods purchased related to the job is reclaimed by reducing the VAT amount paid to revenue.

  • I am also involved in a family farm so I understand that there is a VAT repayment system to unregistered people reclaimed under the VAT 58 form.

  • My question is I am now involved with an Apartment management company. All the owners (I am one of them) pay a management fee each year and it is spend maintaining the complex paying insurance accounts etc. My question is can I reclaim the VAT on our expenditure eg maintenance costs.

The management company is a Limited company but does not trade as it only collects fees and pays this money out on maintenance etc…….IS THERE ANY WAY TO RECLAIM THE VAT ON ANY OR ALL OF OUR EXPENSES????
 
No

A management company cannot reclaim the VAT as you have to be trading to be registered for VAT.

DBran
 
Looking for advice on claimimg back vat as a sole trader for the periods 07 / 08 and to date. The company has been trading but not registered and with no returns ever recorded. The business buys in jobs at 21% and sells a service at 13.5%. Is it the difference I claim back if so how?

Thank you
 
If you are over the threshold for registration €37,500 for services and €75,000 for sale of goods (since 01/05/08), then you should have been registered and back registration is possible.

If you are under the threshold for registration then registration is voluntary, not mandatory, and registration can only be effected from the next available VAT period.

Be aware, that where a service involves inputs at the standard rate and outputs at the lower rate, the 2/3rds rule needs to be considered. ( see Revenues Guide to VAT ) www.revenue.ie/en/tax/vat/leaflets/vatguide_2008.pdf
 
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