If a business is registered and started trading from Aug 13, how long do you think is acceptable to make purchases for the preparation of the business?
Provided wholly and exclusively test is met the period is seven years prior to commencement and is treated as through the expenditure occured on the first day of trading.
Stating the obvious but the assets purchased must still exist and be owned at the time they are brought into the business.
If VAT registered the limit for reclaiming VAT is four years for assets and six months for services.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
