VAT registration

[Steve Bullman]

Oh & dont forget to claim back on all the stock you have on hand on the day you register (that have been bought in the last few years) & all the professional services you have used in the last 6 years for the setting up of the business (check the exact rules first cos I am not 100% on what they are).

 

6 months

[Justme]

I think they say 6 months but the actual regulations do allow more time. So claim for 6 months with no questions claim for more & they check it out. I know when I went VAT registered with my first business I claimed on all the stock I had & some was bought a long time before. I guess you guys dont have much stock on hand. But the equipment you have bought recently should still be claimable (I think thats the 6 months).

 

Here you go from teh horses mouth linky But do note the "generaly" bit. If you have good reason you can claim more.

[Crazy_Bull]

 

Oh & dont forget to claim back on all the stock you have on hand on the day you register (that have been bought in the last few years)

 

Sorry for the slight hi-jack

 

Anyone know if i can claim back VAT on something originally bought for pleasure but now going to be used for work, item in question is a land rover, was bought 3 years ago and never featured on my work accounts so not overly sure how to swap it over.

 

Guess i buy it off myself!?! but i was charged VAT when i originally bought it and have only just got VAT registered.

 

Any thoughts or is it an accountant question.

 

 

On a side note i can totally agree that your costs will probably drop significantly. On one of my side lines everything i buy is VATable at 17.5% however pretty much everything i sell is zero rated being as it's a food.

 

Cheers guys

[renewablejohn]

Be careful with your land rover some VAT inspectors are very hot on which types are allowable for VAT reclaim. Best advice is double check with a reputable land rover dealer that your chassis number is eligible for Vat recovery.

 

I always find a simple Purchase and Sales day book keeps the VAT inspector happy and then post into a computer system to get your management information. It is quite normal to get a Vat inspection after you submit your first claim so that the inspector can assess your understanding of the Vat accounting system.

[Crazy_Bull]

Be careful with your land rover some VAT inspectors are very hot on which types are allowable for VAT reclaim. Best advice is double check with a reputable land rover dealer that your chassis number is eligible for Vat recovery.

 

 

It is a 2 seater commercial ex mod so pretty sure it is ok to reclaim but thanks will do some investigating, don't want a full investigation, way to much hassle!!