Flat rate VAT and pre-trade assets
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Hi there,
I have a client who bought a laptop prior to starting his limited company, for around £1800 inc VAT. He is now on flat rate VAT. Normally the threshold for claiming back VAT on capital assets under flat rate is £2000 inc VAT, so he has just missed it - but because this is a pre-registration expenditure can he claim back the VAT?
Thanks!
I have a client who bought a laptop prior to starting his limited company, for around £1800 inc VAT. He is now on flat rate VAT. Normally the threshold for claiming back VAT on capital assets under flat rate is £2000 inc VAT, so he has just missed it - but because this is a pre-registration expenditure can he claim back the VAT?
Thanks!
0
Comments
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Yes, providing it was genuine pre-trading expenditure and not a transfer from personal use to business use.0
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Thank you, he will be very happy to hear it
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