Buying VAT free?

Author
Discussion

stigcv8

Original Poster:

22,454 posts

211 months

Monday 15th January 2007
quotequote all
Currently I am a mature (allegedly) student studying photography. I have already set up a company that is currently dormant but ready and waiting for when I wish to start trading.

The issue is I am not sure as to when that will be yet will require quite a bit of equipment to get up and running.

Whilst I am still studying I would like to buy this equipment and if possible not pay the VAT. Is this possible as the equipment will be for the company even if it isn't trading right away. Also what happens to the equipment should I wish to stop trading after a few years (no debts involved in the business).

Thanks

stigcv8

Original Poster:

22,454 posts

211 months

Monday 15th January 2007
quotequote all
cheers guys

Don't want to register if it means I have to charge on each job as that would leave me high and dry. However, failing to register means I cannot claim back equipment? I might just trade for a year with little turn over,sell the stock off cheap and pay the vat back at the lower price... or is this going to see me share a cell with Archer?

stigcv8

Original Poster:

22,454 posts

211 months

Monday 15th January 2007
quotequote all
what I mean was to register for VAT and buy the equipment and reclaim the VAT

then at a later date close the business and sell the equipment to say my partner for a deducted price....

I should get an accountant!

thanks for the advice though

Basically I dont want to charge VAT to customers but I want to be able to get my equipment as cheap as possible