AP 1 Fixed assets register

lifeisstrange

I have a question concerning the purchase of a non current asset by a non VAT registered company:
When a non VAT registered company purchases a non current asset, does it have to register the gross amount in the fixed assets register?
And if I am a VAT registered company, do I have to put the gross amount in the fixed assets register if I buy a car due to the fact that I cannot reclaim the VAT for a car?
Thanks in advance for your replies

kewko

For a non VAT registered company you would record the whole purchase price.
e.g
Car costs 20,000, vat is 2,000
so you would put 22,000 in the register.

Hope that helps

lifeisstrange

Hi Kewko, thank you very much for your reply. It will surely help me!

kewko

lifeisstrange wrote: »

Hi Kewko, thank you very much for your reply. It will surely help me!

no worries you just gotta thnk if its not VAT registered then the vat is included in the cost