Claiming VAT for purchases before I was VAT registered
Hi guys,
Firstly, well done on creating such a superb bit of software. It does exactly what I need it to do, invoicing, timesheets etc, and in the format that I want! I'm happy :-)
What I am struggling with at the moment is claiming back VAT for items I bought before I was VAT registered. When I go to my current VAT return, it shows "VAT charged" and all the invoices I charged VAT on, but doesn't display what I can claim back in "VAT reclaimed" for expenses such as computers and other hardware purchased.
Any suggestions?
Many thanks.
Firstly, well done on creating such a superb bit of software. It does exactly what I need it to do, invoicing, timesheets etc, and in the format that I want! I'm happy :-)
What I am struggling with at the moment is claiming back VAT for items I bought before I was VAT registered. When I go to my current VAT return, it shows "VAT charged" and all the invoices I charged VAT on, but doesn't display what I can claim back in "VAT reclaimed" for expenses such as computers and other hardware purchased.
Any suggestions?
Many thanks.
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Inappropriate?Hi Guys,
I was wondering if anyone had a suggestion for my question above?
Thanks,
Gunter. -
Inappropriate?Hi Gunter
Sorry for not replying sooner, this question slipped through the cracks.
If you are on the Flat Rate VAT Scheme (FRS) then you're not eligible to reclaim VAT on expenses (http://www.hmrc.gov.uk/manuals/bimman...). You can, however, reclaim the VAT on purchases of capital assets with a VAT inclusive value of £2,000 or more. If this is the case, you should classify the expense as Purchase of a Capital Asset and FreeAgent will automatically populate the VAT Reclaimed box on the corresponding VAT return.
Let me know if this helps.
I’m happy
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Inappropriate?Hi Olly,
Gunter is asking how to reclaim this VAT http://www.hmrc.gov.uk/vat/start/regi...
Over to you again.
I’m happy
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