quick VAT query - having a dizzy day

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:32AM in AAT student discussion
Hi. can someone tell me if this is right? I think so, but i'm confused today.
when you put an asset in the asset register, you put it in net of vat? and you also show the disposal net of vat? that looks right to me, but then, where do you put the vat?
i'm just crediting it off the vat account at the minute, but i'm sure i'm missing something.

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:quick VAT query - having a dizzy day

    Yes you are right. The VAT simply goes to the VAT account, and is paid/received from HMRC as usual
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:quick VAT query - having a dizzy day

    You can't claim the VAT back on certain assets! Be careful!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:quick VAT query - having a dizzy day

    vehicles used for business? I know you can't claim it on company cars - that much i remember - but i'm sure you can on business vehicles.
    Thanks for your help! :) VAT was never my strong point, but i think i'm getting there!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:quick VAT query - having a dizzy day

    you can on vans lorries etc, but not on cars unless you can prove that they are used 100 % for business, which I was told is very hard to do
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:quick VAT query - having a dizzy day

    IF you delve into the VAT stuff on HMRC I think it has to be a pool car that never goes to a private residence or used on private journeys whatsoever. Don't quote me though!

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