vat return

[Steve Bullman]

so if you arent vat registered dean, how much vat did you have to pay out when you bought your mewp?

[Dean Lofthouse]

so if you arent vat registered dean, how much vat did you have to pay out when you bought your mewp?

 

I "lost" about £4900 in Vat, but I got it on lease purchase or something which meant I got allowed quite a bit against income tax which I think offset it.

 

Worst thing is you have to pay vat up front then I think pay vat on the monthly payments, may have got it wrong. I'm as thick as you when it comes to books

[Steve Bullman]

haha. paying vat up isnt a biggie, just time it so you buy right at the end of the quarter then you get it right back!

[Buzz]

could someone please tell me, how long after filing a vat return can i expect my vat refund?

 

10 days or thereabouts for me Steve, it was allways paid direct into my bank account. No problems ever.

[Zenfordinner]

I am amazed you are due a refund. Did you say you have just registered and are claiming vat back on last three years assets? If so, does that mean that your accountant has put purchases such as chippers and chainsaws are assets, and claimed the vat back? Or have you paid a load of vat on vehicles over the past three years? Or both, or something entirely different?

[Steve Bullman]

i've yet to work everything out, but yes, i can claim vat back on the chipper i bought....chainsaws, climbing gear....cordwood(providing i still hold it as stock), and basically anything that i still use......other items such as truck servicing, i beilieve i can claim back 6 months....also other services.....im still doing the figures.

[skyhuck]

10 days or thereabouts for me Steve, it was allways paid direct into my bank account. No problems ever.

 

[skyhuck]

Another tip Steve, when I bought my mog it was £45,000+VAT so there was £8,000 of VAT, put £15,000 down and borrowed £30,000, the bank also lent me the VAT for three months, it was added to my third repayment once I had claimed it back!

[Andy Collins]

Being a complete numpty on this matter, but you say you can claim back for the stock of cordwood, but hw would this work? Surely this stock is fluid, ie it comes in, you turn it into logs, it goes out, surely thats hard to evaluate?

Are ropes etc with a (relatively) short shelf life not considered consumables? If so is it possible to still claim for those? Can you claim on a machine that is co-owned? Or can you only claim the vat on the 50% value of that machine?

I need to lie down in a dark room now, head hurts from trying to think!!

[Steve Bullman]

i can claim for cordwood providing i have it in stock still....and i can claim for climbing equipment which is still in service, which is basically everything that i have bought in the past 3 years, as as you know i rotate my ropes and tend to use something different most days.

as for machinery, if you have a receipt in your name you can claim whats on it.