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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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.
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.
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?
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.
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!
It's a real shame when the individuals attempt abuse of the forum.
As my late Mother would have said "no breeding".
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.
"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.