Fixed Asset Register
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confused!!
Registered Posts: 130 Dedicated contributor 🦉
Hi
Can anyone remind me - on the Fixed Asset Register, when recording the cost do you include VAT?
Thanks!
Can anyone remind me - on the Fixed Asset Register, when recording the cost do you include VAT?
Thanks!
0
Comments
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Hi
As far as I recall, no you dont include VAT.0 -
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) :thumbup1:0 -
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?0 -
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.0
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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!0
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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 Jesus0 -
no only, if told! very rare tho.
louise0
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