Pre-registration VAT on materials purchased to make a fixed asset!
Hi all. LLP is design/make furniture agency now registered for VAT. I am preparing first Return (cash accounting basis). Client is compiling list (all backed up with receipts of course) of invoices which he paid vat on pre-registration for equipment still being used in business- ie assets. However, he asked me today about materials he purchased for making furniture actually used in his studio- eg meeting table, shelving etc. Can he claim the vat back on these purchases does anyone know? Also-for furniture he made to use in exhibitions and trade shows which is now unsold - is this stock to be valued, or accounted for as marketing costs would you think? Any ideas gratefully received :biggrin:
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