VAT claim

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My accountant has advised that I am able to claim the VAT back on the items purchased in the previous 48 months. 

... Can I place these items on my first VAT return? 

Replies (13)

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By Anonymous.
21st Sep 2020 17:30

ShackletonSonsContracting wrote:

My accountant has advised that I am able to claim the VAT back on the items purchased in the previous 48 months. 

... Can I place these items on my first VAT return? 

Am I missing something? Surely your accountant who has full knowledge of your business is the person to be asking.

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Replying to Anonymous.:
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By ShackletonSonsContracting
21st Sep 2020 17:33

My accountant will only do my annual accounts, she doesn't do any day-to-day stuff. I don't really like to bother her as my turnover is minimal!

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Replying to ShackletonSonsContracting:
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By Cheshire
21st Sep 2020 17:41

You need to ask. That what she is there for.

Also, make sure you give her all the information of the pre incorporation expenditure and how you have/are planning to transfer them in to the business, so she can provide a less vague response. There are wider issues other than VAT.

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Replying to ShackletonSonsContracting:
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By Anonymous.
21st Sep 2020 17:41

ShackletonSonsContracting wrote:

My accountant will only do my annual accounts, she doesn't do any day-to-day stuff. I don't really like to bother her as my turnover is minimal!

You don't want to bother her but you do want to bother us!

At the end of the day, a good accountant will save you more money than they cost. If you take the advice of people you don't know and who don't know you and your business, you are taking huge risks.

By the way, if "turnover is minimal", why are you incorporating the business? Who advised you about that?

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Replying to ShackletonSonsContracting:
By ireallyshouldknowthisbut
22nd Mar 2024 09:47

ShackletonSonsContracting wrote:

My accountant will only do my annual accounts, she doesn't do any day-to-day stuff. I don't really like to bother her as my turnover is minimal!

Hmm, they sound very unhelpful. And *decent* accountant would more or less insist they help you with your first VAT return as they are rather tricky to get right.

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Replying to ShackletonSonsContracting:
By williams lester accountants
22nd Mar 2024 10:20

ShackletonSonsContracting wrote:

My accountant will only do my annual accounts, she doesn't do any day-to-day stuff. I don't really like to bother her as my turnover is minimal!

Will she not do 'day to day stuff' as you are not paying her to do it? If you only pay for annual accounts, that is what you will get!

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By SXGuy
21st Sep 2020 17:35

What did your accountant say when you asked them?

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RLI
By lionofludesch
21st Sep 2020 23:14

Sigh.

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Oaklea
By Chris.Mann
22nd Sep 2020 09:29

It's a real shame when the individuals attempt abuse of the forum.

As my late Mother would have said "no breeding".

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By Cardigan
22nd Sep 2020 15:26

We had a new client ask this question on a tax helpline and got the wrong answer, as she left out a crucial piece of information. She didn't know what she didn't know. We were not on board at the time. It's important to get proper advice on VAT issues. The cost of getting it wrong can be a lot more than the cost of the advice.

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By Paul Crowley
22nd Mar 2024 10:28

Is this a time machine?
Spooky?

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RLI
By lionofludesch
22nd Mar 2024 10:43

What's spooky is that it links from a completely different current thread.

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DougScott
By Dougscott
22nd Mar 2024 11:30

"My turnover is minimal"? So why register for VAT?

As for what you can claim back it is of course only on capital items still used in the business not all purchases.

But ultimately you don't want to [***] up VAT so it would be sensible to use your accountant to help with at least the first VAT Return.

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