Fixed Asset Register

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confused!!
confused!! Registered Posts: 130 Dedicated contributor 🦉
in AAT Level 3 (Level 6 in Scotland)
Hi

Can anyone remind me - on the Fixed Asset Register, when recording the cost do you include VAT?

Thanks!

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  • PhilW
    PhilW Registered Posts: 36 Regular contributor ⭐
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    Hi

    As far as I recall, no you dont include VAT.
  • crispy
    crispy Registered Posts: 466 Dedicated contributor 🦉
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    Hello,

    You would only include the VAT element if the amount is irrecoverable (eg: VAT on the purchase of company cars, therefore entered on the register as the gross vaue) :thumbup1:
  • numberjunky
    numberjunky Registered Posts: 88 Regular contributor ⭐
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    That answers my question too!

    I was going to ask the same question but my answer was here all the time.

    So even if a company IS registered for VAT, a new asset of a Delivery Van (commercial and VAT- claimable I believe) you still don't put in the VAT?

    Correct?
  • sarahwilson
    sarahwilson Registered Posts: 567 Epic contributor 🐘
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    You don't put the VAT into the fixed asset register as it is not a cost to the business of the asset as it will be claimed back. When buying a new car you do because the VAT cannot be reclaimed and is therefore part of the cost to the business.
  • Oy_mate
    Oy_mate Registered Posts: 5 New contributor 🐸
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    The fun really starts when a company becomes VAT registered after the addition is made as you can claim the VAT back. That was a long afternoon!
  • George Tse
    George Tse Registered Posts: 241 Dedicated contributor 🦉
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    hummmm .... so u can claim the VAT back if the company is VAT registered and the purchase a delivery van, lets say, which means you dont have to inclue VAT in the original cost ??????? :S

    Gentle Jesus
  • louise
    louise Registered Posts: 49 Regular contributor ⭐
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    no only, if told! very rare tho.

    louise

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