Field help: Other withdrawal of property, usage and services

Enter private shares for withdrawals of goods, services, and usage, e.g. withdrawal of goods, private telephone use, private use of company machinery, or work carried out on private property by company employees.

These are known as non-monetary value withdrawals (private withdrawals). These must be recorded for tax purposes:

• Goods withdrawals (e.g. goods, items) should be valued at the partial value.
• Expense withdrawals (e.g. work services) should be valued at cost price.

Since the associated costs have already been recorded as business expenses, private withdrawals must be recorded as net amounts as business income and subject to VAT. The VAT on private withdrawals must be entered in line 16.

Condition for VAT: The withdrawn items or services must have been previously allocated to the company and subject to input tax. This allocation is documented by the input tax deduction. No VAT is due on withdrawals of items without VAT (e.g. privately purchased).