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Post Info TOPIC: Pre-reg VAT
Seb


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Pre-reg VAT
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Having read another thread in regards to invoices has left me with a couple of questions:

 

Is it not best to always ask for a VAT invoice, even if you're not VAT registered, due to if/when you eventually cross the threshold you'll then be able to claim back the VAT on all the assets you still hold within the business. 

 

Can you also, at point of becoming VAT registered claim back the VAT on any stock you currently still hold? 

 

Thank you 



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Seb
Leger


Master Book-keeper

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Hi Seb, the answer is yes to both questions, providing you have VAT invoices to cover.

Just a slight note of caution regarding assets.  HMRC guidance is that you should factor in wear and tear between purchase of the asset and date of pre reg claim.

eg. You buy a van for £10000 inc VAT  3 years later the van is only worth £6000 so you are supposed to claim £1000 VAT not £1667 ish



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Seb


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Lovely John, thank you.

Can I assume too that the entry would be Dr purchase VAT Cr Van £1000, as per your example to remove the VAT element you'll be claiming?

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Seb
Leger


Master Book-keeper

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I think that's right but I would need to check how I did it as its going back about 3 years now. I've only done the one.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
abacus12345


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I'd go with that too John.

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