Going vat reg?

[Czlowiek Drzewo]

I am sole trader the now.

 

I have just worked out the amount of vat paid in lst 2 years and would like to claim this vat back.

 

Can i reg..claim vat back then un-reg?

[Justme]

Er no that would be fraud.

(I think)

[Rupe]

When you first register for vat I don't think you can claim everything back for the last 2 years anyway.

 

Not sure how it works exactly but I think you can only claim the vat back on stuff you still own, and for things like fuel and expenses there is a much shorter time that you can reclaim retrospectivly.

[samarb]

Yes you can claim everything back for last two year but you will also be charged on everything you made for last two years, also buying stuff on vat reg then un reg you have to pay vat on what the equipment is worth when you un reg. in your possition i would only reg for vat if 60% of your sales are fire wood and you have spent over 20k setting up business.

[Rupe]

I claimed back on all equipment purchased on the last two years but didn't pay on everything I had earned in that time?

 

I could only claim vat from expenses for a shorter period, 3 months I think.

 

Where are you getting your info? Have things changed? Its only 3-4 years since I registered.

[ukminch]

I claimed back on all equipment purchased on the last two years but didn't pay on everything I had earned in that time?

 

I could only claim vat from expenses for a shorter period, 3 months I think.

 

Where are you getting your info? Have things changed? Its only 3-4 years since I registered.

 

SOunds about the same as me, I don't think I was allowed any expenses, can't remember to be honest.

 

R

[samarb]

Hi, I have just set up a ltd company and it is 6 months set back without any amount being paid as income vat (but wasnt high income/profit). Older company i got two years but had to pay vat on income but i made some big expenditure so worked out in my favor. Also looked at de reg when i dipped under thresh hold but everything had to be valued and vat would of had to be paid on the whole amount.

[Rupe]

I don't understand what you are saying.

 

In your older company was it due to you being over the vat threshold for 2 years without registerign that made you have to pay the extra vat back?

 

Never heard of anyone paying vat on income (I presume you mean turnover) prior to them registering, unless as I said above they were over the threshold and had not declared it.

[samarb]

i went over threshhold and accountant worked out that it would be in best interest to carry it back as set up cost alot and income was low but yes i did mean turnover as apposed to profit (thanks for pointing that out) and other company was in no relation to other company and was under theshhold so was volentered to best suit the business

[Rupe]

I think I'm with you now.

 

The answer to the original question in still no.