This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Tax from donations

johnbulk
Posts: 1
Joined: Thu Jan 10, 2019 2:06 pm

Tax from donations

Postby johnbulk » Sun Feb 03, 2019 1:30 am

Hi!

I'm starting with a new company and some of my clients gave me donations for the guest house. All the money will be spent on the guest house. What about the tax? Do I have to pay tax from donations? The entire donation will be used to buy the house. Can anyone explains to me Do I have to pay a normal tax or vat? If yes, can I put that tax into the expense and claim for that next year?

Regards!
JON

accutalk
Posts: 13
Joined: Mon Jun 25, 2018 9:19 am

Re: Tax from donations

Postby accutalk » Mon Feb 04, 2019 1:18 pm

You can claim tax relief for the donations received. However, it depends on the amount of donation received by you. VAT registration compulsary.


Return to “Business Tax”