The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Capital Goods Scheme
Post Info TOPIC: Capital Goods Scheme
Artois


Guru

Status: Offline
Posts: 1313
Date:
Capital Goods Scheme
Permalink Closed

 

Morning all,

I know there are quite a few on here who are into VAT so just wanted a bit of help with something

This is homework not work related (study for ATT) but was just trying to get my head around something that is not too well explained in the study material.

I do not have a problem with the initial recovery or the later year adjustments it is more to do with how to deal with the interaction with claiming Capital Allowances, am I right in thinking that the original purchase should be included in the CA as net cost as well as any irrecoverable VAT?

However every year the irrecoverable VAT may change so hopefully if I have understood correctly it is saying that any annual amounts of VAT paid to HMRC would be an asset addition and a repayment from HMRC would be treated as a disposal, but under what description would it be accounted for in the CA computations?

Not sure if I have explained it to well but hopefully someone will understand what I am trying to ask and be able to offer some guidance 

Cheers

 



__________________

Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink Closed

Hi Doug
Not had any dealings with this, but this might help part of your question

www.taxinsider.co.uk/1284-How_The_Capital_Goods_Scheme_Works_And_Some_Problems_To_Avoid.html

__________________

 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
Artois


Guru

Status: Offline
Posts: 1313
Date:
Permalink Closed

 

Thanks Joanne, I will have a read 



__________________

Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Capital Goods Scheme
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About