Hello, I wondered if you wonderful people could help me.
I registered for VAT no long ago, and am looking into reclaiming the VAT for the stock I still have on hand, that I purchased before I registered.
1st question, Does it have to be done on your first return?
2nd question. Which I'm sure I'm probably over complicating, but I can't get my head around.
99% of my stock is imoprted from the USA, so I pay import VAT rather than regular added to your invoice VAT. While I know this doen't make a difference as it's all VAT. I wondering how I can work out the VAT paid on the stock I have. If it was UK stock I could just add up the stock value and work out the VAT paid.
However, because it was imported the original invoices were paid in USD and exchange rates are forever changing.
I should have, or be able to get, all my original invoices. But I don't have a database of all my stock items (over 3000) with the original USD price converted in to GBP at the exchange rate at the time (or any other time for that matter). I do have a list of all items with the retail price. Have I royally screwed myself and going to have to go through each item one by one and convert them or is there an easier way I can do this without taking up the next month of my life?
Also, if I have to do the above, what about items I have bought more than once, but at different exchange rates? how will I know which rate to use?
Please help out a very confused and stressed girl here!