AP 1 Fixed assets register

Options
lifeisstrange
lifeisstrange Registered Posts: 27 Epic contributor 🐘
in AAT Level 3 (Level 6 in Scotland)
I have a question concerning the purchase of a non current asset by a non VAT registered company:
When a non VAT registered company purchases a non current asset, does it have to register the gross amount in the fixed assets register?
And if I am a VAT registered company, do I have to put the gross amount in the fixed assets register if I buy a car due to the fact that I cannot reclaim the VAT for a car?
Thanks in advance for your replies

Comments

  • kewko
    kewko Registered Posts: 11 Regular contributor ⭐
    Options
    For a non VAT registered company you would record the whole purchase price.
    e.g
    Car costs 20,000, vat is 2,000
    so you would put 22,000 in the register.

    Hope that helps
  • lifeisstrange
    lifeisstrange Registered Posts: 27 Epic contributor 🐘
    Options
    Hi Kewko, thank you very much for your reply. It will surely help me!
  • kewko
    kewko Registered Posts: 11 Regular contributor ⭐
    Options
    lifeisstrange wrote: »
    Hi Kewko, thank you very much for your reply. It will surely help me!

    :D no worries you just gotta thnk if its not VAT registered then the vat is included in the cost

Categories

Privacy Policy