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Post Info TOPIC: Not VAT registered Soletrader and VAT asset
Jamogucci


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Not VAT registered Soletrader and VAT asset
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Hi all,

I am a newbie to the forum and have found it very informative.

I have a quick question, i am doing a soletraders accounts who is non vat registered, I have dealt with VAT registered for many years.  I cannot get it into my head how i would deal with an Asset with VAT on the accounts of Non VAT Reg soletrader.  Do i write the asset value and the vat to asset account? If so how do you deal with the depreciation of said asset, normally would be 25% reducing balance on actual asset net value.

Any help will be appreciated.

thanks

Jamogucci



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BackOfficeGroup


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Hiya and welcome to the forum.

For a business which is not VAT registered, the total cost of anything is the inclusive price of those goods. Ignore the VAT element and just concentrate on the Total cost.

P

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Jamogucci


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Posts: 2
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Hi BackOfficeGroup,

Thanks you for that.  That is what i thought but just didn't feel right to me depreciating the total cost.

Regards

Jamogucci

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