VAT question

[muckell]

We are currently in the process of setting up a partnership business which will be registered for VAT, it will not be trading for about 3-4 months, but we are currently spending monies on travelling and hotel expenses relating to meetings that we need to undertake to get things up and running. We are not yet VAT registered as we are not trading yet. But when we do start trading and register will we be able to reclaim the input VAT on these expenses we have occurred on the expenses prior to trading?

Also one other VAT related question, we have made a few purchases from pound shops for stationary ect, and the reciptes only say the shop name and a amount paid (i.e £1.00) will we have a problem reclaiming VAT reciepts like this?

Thanks in advance for any advice

Regards

Chris

[Ozzy]

Hi Chris,
First question, you can reclaim VAT on purchases made to start the business up to 6 months after the purchase I believe, but check.

As for your purchases from pound shops, to be honest its not worth the agro claiming for a few pounds here and there, but if you must then so long as their is a VAT breakdown on a receipt and a VAT number you can. If there isn't then generally you can't.