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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? 

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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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By SXGuy
21st Sep 2020 17:35

What did your accountant say when you asked them?

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By AWeb72
21st Sep 2020 18:47

"Don't want to bother my accountant"

Word filter must be on, as "pay" as changed to "bother"

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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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