Hi there, I run an ecomerce business and I've recently switched from sole trader to Ltd, whilst simultaneously switching from flat rate vat scheme to standard.
What I cant seem to find out definitively is can I claim the stock I have on hand which was bought whilst being on the frs but isn't yet sold? My accountant seems to think I can't claim this, but that doesn't seem right to me as I'm effectively paying full rate vat on the purchase and then again on the sale.
I've nearly finished a rough stock take and it's quite a high figure, for me anyway, so it could seriously affect my business and effectively cut all my profits if I can't claim.
Amy help would be greatly appreciated