joining flat rate, vat on stock and assets on hand

joining flat rate, vat on stock and assets on hand

Didn't find your answer?

Could someone confirm for me that the ability to reclaim VAT on stock and assets on hand at date of VAT registration (under flat rate), also applies to services in the previous six months?

I can't find a definitive answer, if you can point me in the right direction, it would be appreciated.

thanks in advance

Replies (3)

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By The VAT Doctor
06th Nov 2014 19:41

Yes you can and also the VAT on other goods in the past 4 years if they qualify as normal. There is I think a reference in the FRS notice.

It's something a lot of people don't know or forget about.

If you sell the assets later, you need to charge and declare the full VAT though.

Hope this helps.

Thanks (1)
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By lja20
06th Nov 2014 20:12

thanks

Yes there is some something in the FRS notice but it just seemed a bit vague...likely worded in such a way for a reason....but of course that could be me being cynical :)

As the VAT doctor, can you help me with this? - I have also got an open query (on here) on disbursements and impact on VAT threshold - can you help?  probably seems obvious but the disbursements are quite large (and excluded client is below threshold) they are architects and have project managed a job, it looks like all payments are made directly on behalf of the end client but wanted to get a feel for 'industry norm' before I either accept the disbursements are excluded or raise the thorny issue of earlier than expected VAT registration.... 

Please ignore if I have overstepped the mark but as the VAT doctor...thought I might check!

 

Thanks (0)
By The VAT Doctor
06th Nov 2014 20:35

Ok
Didn't see that query before. Have posted something.
Hope it helps.

Thanks (0)