vat registration
angiegoy
Registered Posts: 2
Hi, never used this before but there's a first time for everything. So, I have a new Client who should have registered for vat. is it at the point his turnover hit the threshold which is 10 months after trading started? and can I reclaim the vat he paid on the purchase of the pub 10 months earlier and any assets purchased too during the start up and since? I've called the VAT helpline and researched but still unclear. Thanks in advance
0
Comments
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Yes, claim all the VAT. It will be fine.1
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Thanks :-) I thought as much but nice to get a second opinion sometime0
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Month does not play part apart from threshold (cumulative sales) for last 12 months or over the threshold within the next 30 days.
If you were to register when you hit the threshold, you can claim vat on the capital expenditure provided that the are still being used in the business and you can go back for 4 years but not for the inventory they have been used up. Any remaining inventory purchased before the registration but exist on the date of registration, you can claim.
Hope this helps.1
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