De registering for VAT

[offroading.net]

Anyone done it recently?
Question about section 7 "Please estimate the total gross value inc VAT of the stocks and assets you have on hand for which VAT is due"

What do they mean? Is it stuff you have bought but not yet claimed the VAT back on?

[Eric Mc]

No, it is stuff you have bought and on which you have reclaimed VAT when you originally bought it. He needs to know its value now so that he can recover the VAT you reclaimed at the point of purchase - seeing as he's not going to get any VAT when you eventually sell it.

[Simpo Two]

There is an allowance of about £5K, which emerged when I posted on this subject a few months ago.