Home For AAT student members AQ 2013 AAT Level 3 (Level 6 in Scotland)

Fixed Asset Register

confused!!confused!! Well-KnownRegistered Posts: 130

Can anyone remind me - on the Fixed Asset Register, when recording the cost do you include VAT?



  • PhilWPhilW Feels At Home Registered Posts: 36

    As far as I recall, no you dont include VAT.
  • crispycrispy Trusted Regular SouthamptonRegistered Posts: 456

    You would only include the VAT element if the amount is irrecoverable (eg: VAT on the purchase of company cars, therefore entered on the register as the gross vaue) :thumbup1:
  • numberjunkynumberjunky Feels At Home Registered Posts: 88
    That answers my question too!

    I was going to ask the same question but my answer was here all the time.

    So even if a company IS registered for VAT, a new asset of a Delivery Van (commercial and VAT- claimable I believe) you still don't put in the VAT?

  • sarahwilsonsarahwilson Experienced Mentor Registered Posts: 567
    You don't put the VAT into the fixed asset register as it is not a cost to the business of the asset as it will be claimed back. When buying a new car you do because the VAT cannot be reclaimed and is therefore part of the cost to the business.
  • Oy_mateOy_mate New Member Registered Posts: 5
    The fun really starts when a company becomes VAT registered after the addition is made as you can claim the VAT back. That was a long afternoon!
  • Gentle JesusGentle Jesus Well-Known Registered Posts: 241
    hummmm .... so u can claim the VAT back if the company is VAT registered and the purchase a delivery van, lets say, which means you dont have to inclue VAT in the original cost ??????? :S

    Gentle Jesus
  • louiselouise Feels At Home Registered Posts: 49
    no only, if told! very rare tho.

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