Also, on my first VAT return can I reclaim the VAT on the purchase of the phone, broadband modem and internet costs even though they were just before the company set up and VAT registration and aren't in the company name?!
Any help most appreciated.
Cheers.
You could transfer the equipment into the company and take it that way?
You could transfer the equipment into the company and take it that way?
Say you have a PC that you bought privately before you were incorporated and then, knowing that you were going to use it for work in the company, you transfer ownership over tho the company as an asset and the company company can re-imburse you that way. Is that incorrect?
The above answers are wrong. You may reclaim VAT from dates before you were registered so long as you had the intention at that point to make whats known as 'taxable supplies'. i.e. in lay mans terms once you incurrred the costs knowing that they would be used for your future business purposes.
Just ask the suppliers to reissue the invoices in the name of the company and business and submit them with your current VAT return in the normal manner.
I am a tax consultant and just wanted to clarify the above point.
So is it possible then for a sole trader, converting to Ltd Co., to 'sell' any equipment to the new company? I purchased appx €5,000 worth of hardware/software for my business as a sole trader in 2006 but then switched to Ltd Co. last September. Should my new company have paid me for that equipment it now uses?From a VAT point the individual cannot pass on an input credit to the company unless the individual was VAT registered also at the time the expenses were incurred, e.g. a sole trader converting to a company. Otherwise this does not work.
So is it possible then for a sole trader, converting to Ltd Co., to 'sell' any equipment to the new company? I purchased appx €5,000 worth of hardware/software for my business as a sole trader in 2006 but then switched to Ltd Co. last September. Should my new company have paid me for that equipment it now uses?
I was VAT registered at the time and claimed the VAT on all the purchases.
Just one quick question. As I am no longer a sole trader, how would I process the VAT repayment to Revenue?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?