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Post Info TOPIC: re-claiming VAT on capital expenditure from a previous year before you were vat registered.
rachel_mclean


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re-claiming VAT on capital expenditure from a previous year before you were vat registered.
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I have a client who became vat registered part way through the 2014/15 year. When they filed their first vat return that also re-claimed the vat on some of their start- up costs (the allowable ones) what I need to know is as well as adding this to the purchase vat total what other entries do I need to make in the accounts if I need to make any. 

 

Thanks in advance

Rachel

 

 



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Rachel
rachel_mclean


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It was paid for by private funds which has been recorded in capital introduced so would I need to make a journal like this:

DR Capital introduced
CR Input VAT

Thanks
Rachel

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Rachel
TaxAdviser


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No the capital introduced has not changed so the other side of the entry would be against the fixed asset account where the capital expenditure has been booked (to show the net amount now).



-- Edited by TaxAdviser on Sunday 31st of January 2016 07:31:51 PM

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rachel_mclean


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Thank you so much, it's pretty obvious now I think about it - but at the time I couldn't work it out. You saved my bacon! I've just filed my last tax return.


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Rachel
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