I am prepping the accounts for my new clients first VAT return, they became registered 1 April, so I have a little while yet, but I am doing the year end stuff at the minute so was going to look at the pre registration VAT.
My client is set up as fixed rate VAT, however, I understand that you can claim as usual for items bought preregistration. They have a handful of inventory items which he has done a stock take at the date of registration, but the main things we are looking to claim are a large printer (they are a printing firm), the computer server for the printer and they also paid to have a telephone number from a previous business (they all worked at, but went into liquidation, they are still in the same location as the previous company). Also installation and set up costs for the printers/computer systems etc. I am happy with the printer as that is a physical fixed asset, but things like servers and telephone lines are effectively assets of the company, and the set up all took place around November/December last year, so within the 6 months timeframe.
I have been reading through the HMRC VIT32000 and these all seem to be valid prereg claims.
I posted a link a while ago about new information re pre reg claims and adjustments needing to be made for pre reg use of goods due to EU law. Worth a ferret round
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
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.
Yep thats the one. Ive noticed a few more articles popping up since then, backed by the relevant case law. Might have a dig again later if I have time.
So wish I could find the stuff Ive posted before so easily!!!!!
-- Edited by Cheshire on Thursday 21st of April 2016 10:17:19 AM
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I use Google to find old posts. I often remember key words from a discussion that were used in a thread but cannot remember the thread itself.
To search this site only using Google you add to the start of your search Site:www.book-keepers.org.uk
then add key terms. In this instance I added www.Taxation.co.uk Shaun Joanne John as I know that we refered to a page on that site and that all of the usual suspects had been involved in that discussion.
so full search in the Google search box in this instance :
Try it (just copy and past that entire line including the Site: bit) and you'll see what I mean.
__________________
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.
