Newly Vat Registered ...

Newly Vat Registered ...

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Sole trader has been trading for some years. Just become vat registered and so obviously looking at fixed assets purchased within the last three years.

Require advice on the CR posting for the vat eliment (DR to purch tax control). Should I increase the depreciation by this amount? Show as part disposal? Revaluation? ...???
Mark Reynolds

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By User deleted
06th Aug 2006 01:39

It has to be cost
You will have to credit the cost of asset and make tax adjustment to capital allowances if previously claimed on it.

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