VAT registration

[parrot of doom]

I was VAT registered with my former company for years, but didn't get around to it with my new company for just over a year.

Now I've registered and got my number, what can I back-claim for?

Am I correct in thinking that its only tangible goods that I've purchased that I can claim for from before the date of registration? So I can't claim any fuel receipts etc from before the reg' date?

[ChelseaTractor]

AFAIK its only stock items 'that you still have'.
So in my case, it would be van, screws, bits of wood etc.
As you say, fuel is a no no as you don't have it anymore.

Waiting to be corrected by a more learned type.

[parrot of doom]

Thats pretty much what I thought.

Swines.

[tinman0]

Erm, you cant back date reclaiming unless you have satarted collecting vat payments at an earlier date.

for instance, if you had collected vat 6 months ago, and registered today and paid all the collected vat over the period of 6 months then you could reclaim in that period.

however, you can't backdate vat reclaims without paying the backdated vat payments as well.

[Smartie]

You can claim any assets you still own bought in the last 3 years (ie computers, vans etc) any any "stock" items you still have on the day of registraion.

You'll need the recipts for all these.

[Eric Mc]

The principle is that you can claim back VAT on costs incurred for items you are still using and which will be used to generate VATable sales once you have registered.

The obvious items are Stock for Resale still in your posession at the date you VAT registered and Fixed Assets you bought prior to VAT registration but still in use. There may be some other costs on which pre-VAT registration Input VAT may be claimed such as legal and accounting fees incurred on setting up the business (but not legal fees on the purchase of a business property - unless you are going down the Option to VAT Register your business premises as a separate exercise).

Normal VAT on day to day expenses and direct costs incurred prior to VAT registration and which aren't retained in stock at the VAT registration date would not be claimable on the basis that those items were "consumed" in the generation of pre VAT registration Sales.

[tinman0]

Smartie said:

You can claim any assets you still own bought in the last 3 years (ie computers, vans etc) any any "stock" items you still have on the day of registraion. You'll need the recipts for all these.

didn't know that. i stand corrected. thx.