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Post Info TOPIC: Reclaiming VAT
Sozzybobs


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Reclaiming VAT
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Can anyone tell me if there is a time limit on when you can reclaim VAT on purchases? Or do they have to be put through the business accounts in the VAT quarter in which they were bought?



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Sozzybobs
lor


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On HMRC website it says that you have 3 years to claim back vat on purchases and expenses related to the business, but if it was connected to a service that was obtained then the time limit is 6 months.



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Alison


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HI

Not sure if it is still the case but I was told that the purchase/expense has to still be in the business ie petrol that has been used you can't claim the VAT back.

Alison

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lor


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yes that is right, because if you had used the fuel already before starting the business then the fuel isn't related to business use.

And it would apply to other purchases and expenses that had been used and no longer in the business..

-- Edited by lor on Saturday 24th of October 2009 10:32:27 AM

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BHB


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We have external VAT specialists at work at the moment who are looking at our VAT which has a partial exemption and from what they have told me, you can go back 6 years if shown you have under claimed.

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