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The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Accounting for VAT claim on assets held in previous year's accounts
Post Info TOPIC: Accounting for VAT claim on assets held in previous year's accounts
FoxAccountancyServices


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Accounting for VAT claim on assets held in previous year's accounts
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Oh goodness, sorry guys, I am a hub of questions today!

I have a client who recently registered for VAT, and claimed VAT on a fixed asset purchased in the previous year.

The opening cost (lets say)  is £1200 and the claim of £200 reduces this value to £1000 

I am just wondering how you guys show this in your fixed asset note?  I got codes for Disposal, Revaluation and Transfer - but none of these seem quite right to me.  I can re-word the code title, so am looking for some inspiration!

 

Taa!!!!



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