My client had been trading since 2009. In his first year 09/10 he bought a machine worth £2000 and claimed capital allowances on it. He registered for vat in the summer 2010 ( flat rate vat ) and put on his vat return vat paid on that machine. Does he need to correct his 09/10 tax return as the net value of the machine was lower than £2000?? Vat paid on flat rate scheme can be deducted from turnover - do you think he can adjust that figure by the vat on the machine? If not were shall we put it? Thank you
12th Oct 2011
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vat and capital allowances
vat and capital allowances