Reclaiming VAT on accountants fees
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mohammed
Apprentice
Joined: 15 Feb 2006
Posts: 6
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 Posted: 03/09/08 - 07:27 Post subject: |
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| I have recently been working in my new business. I had moderate success, but now the time has come to pay the tax. I would like to know if there is a way to reclaim VAT on fees I pay to my accountants. Any kind of suggestion would be very useful, as I am not too experienced. Thanks in advance for your help. |
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price
Apprentice
Joined: 02 May 2004
Posts: 8
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| Posted: 04/08/08 - 00:50 Post subject: |
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| Since you own your company and you need to pay corporate taxes, that probably means you have all the shares in it. VAT, as a value added tax is accounted into any fee you pay. So, in example, instead of paying 100$ you need to pay, say 115$, where 15$ is VAT expense. You can reclaim it if you are registered for VAT. In that case, claim only 100$, while the remaining amount will be reclaimed. In any case you can certainly have that money. I hope you find this information helpful. Best of luck. |
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