Supplier invoice – no vat on invoice – put through as PVA = NIL effect
Courier invoice received – import VAT amount added to invoice (as payment by courier), together with admin charges – invoice paid, therefore import VAT now paid and can now be reclaimed. - I wanted to check how this can now be reclaimed ?
It was our understanding initially, but then when it was questioned on here today, I contacted HMRC to ensure it was still the case. I have a webchat whereby I gave an example and they confirmed that if there has been no change to the business operations, then the 4 year retrospective claim can be made even if the sole trader incorporates.
She’s looking to make a pension contribution directly into her private personal pension of up to £4K and taxable income will be £14k for this tax year.
My answers
We've just received the C79 through the post!! So all now makes perfect sense!
Thanks for your response though.
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Sorry, I obviously did not explain clearly…
Supplier invoice – no vat on invoice – put through as PVA = NIL effect
Courier invoice received – import VAT amount added to invoice (as payment by courier), together with admin charges – invoice paid, therefore import VAT now paid and can now be reclaimed. - I wanted to check how this can now be reclaimed ?
Thank you
Thank you
It was our understanding initially, but then when it was questioned on here today, I contacted HMRC to ensure it was still the case. I have a webchat whereby I gave an example and they confirmed that if there has been no change to the business operations, then the 4 year retrospective claim can be made even if the sole trader incorporates.
Hi,
Thanks for this. The VAT was able to be reclaimed due to the business operations remaining the same, regardless of the change in legal entity.
Just needing clarification on whether to put the balancing charge through on the first return or when the asset is sold?
Many thanks
So would you included the balancing charge in the first return?
The VAT was reclaimed on the assumption that it was within the 4 years to go back and reclaim on assets still owned but bought pre-incorporation.
Thanks
Thank you very much for your reply.
She’s looking to make a pension contribution directly into her private personal pension of up to £4K and taxable income will be £14k for this tax year.
Thanks