VAT voluntary registration, backdated, combining flat rate scheme and expensive capital assets.
I have a client who has turnover below the level triggering compulsory registration for VAT. The client only works with customers who are registered for VAT so would not lose business by voluntarily registering for VAT.
The client has recently incurred (within the last 6 months) £1,000 in VAT on two items of capital expenditure (both exceeding £2,000).
If my client decides to voluntarily register for VAT then
a) Can my client backdate a voluntary VAT registration to the date of the earliest aquisition of one of these two items of expensive capital equipment?
b) Can my client also opt for the flat rate scheme for their trade/profession to be effective from the backdated registration date?
c) Will my client be successful in reclaiming the VAT on these 2 pieces of expensive capital equipment if under the flat rate scheme?
d) Going back to the backdated regiustration date, does my client need to issue "VAT only" invoices to each customer previously invoiced without VAT?
- Can I contribute to SIPP if I pay no salary/dividend from ltd company 81 2
- Entrepeneurs relief 70 4
- How to complain about HMRC 1,216 14
- CTA and Tolley's tax handbooks 113 1
- Which company is best for online new company formation? 402 9
- Car maintenance costs deductible against CT 1,085 16
- Scottish Independance 606 16
- Commercial kitchen equipement deemed chattels for SDLT and capital allowances purposes? 93 2
- Do HMRC automatically close inactive PAYE schemes? 238 4
- Autoenrolment and payroll software from April 2015 411 6
- WC's and capital allowances 77 1
- HMRC Seminar on Penalties - Did you last the course? 231 1
- Joining the flat rate scheme retrospectively 846 10
- carry back of gift aid 120 2
- VAT Flat rate scheme for property management company 130 3
- Dress code 1,335 29
- CIC Tax - what is trading? 390 17
- What quality paper do you use for correspondence? 723 19
- French Excise Duty - Help Please! 342 8
- NOMINAL CODES 347 4
- CTA study material 752
- Anyone have clients that use Pay4Later to offer customers credit? 466
- Raiders of the Lost Tax File 354
- Employment related securities question 299
- AIM Stocks and IHT 275
- Tax Relief for overseas employees 246
- Expat pension contributions? 242
- Trust for Employee 228
- Service Charge Accountant Career Options 142
- IPP (International Pension Plan) income 140