Help with VAT & receipts please

[Karl_Lewins]

Hello, I have recently started a business whilst working full time. I'm about to leave my full time job to push the business full time, at the minute I have not registered the business as a ltd company (it will be a partnership) and I was just wondering, over the last 6 months I have kept all by receipts etc that I've spent on the business, when I become a limited company will I be able to claim the VAT back on everything I have kept?

The accountancy side of the business really confuses me!?!

Help / advice would be greatly appreciated.

Regards,

Karl

 

[Scalloway]

You can claim VAT on goods bought for the business up to four years prior to registration. VAT on services can be claimed up to six months prior. You must keep the receipts.

 

[Karl_Lewins]

Thats great thanks for that! All goods and no services. Just need a to find an accountant that can sort all the paper work out now.

 

[DJR51]

For goods, you will only be able to reclaim the VAT if you still own the goods and are using them for business purposes. For any goods that have been sold, or discarded, prior to the date of VAT registration then you technically shouldn't be reclaiming the VAT on those items.

I'm happy to provide a fee quote, or just a general guide to what you should expect to pay for a decent accountant to sort your accounts out - PM if you like.

 

[RoadStar]

Sorry to jump into Karl's thread. I bought a laptop a couple years back which was bought for the purpose of business but never been used. Could I potentially claim VAT back on it? The only thing I have got for it a receipt from the retailer.

 

[Scalloway]

You can claim as long you have a VAT receipt. If you sell it you must charge VAT on the sale.

 

[RoadStar]

You can claim as long you have a VAT receipt. If you sell it you must charge VAT on the sale.

Is VAT receipt the same as invoice? My laptop was purchased from Dell online so would I be able to claim on that? Sorry for all questions but I am trying to get my head around these things.

Cheers

 

[Scalloway]

If your invoice is similar to the one I got when I purchased my PC from Dell it will be ok.

What a VAT invoice must include to be valid

http://www.hmrc.gov.uk/vat/managing/charging/vat-invoices.htm#2

 

[Karl_Lewins]

Ahhh so if we buy rolls of vinyl and then use that vinyl to wrap a customers car we can't claim back the VAT on that vinyl?

 

[Scalloway]

You can reclaim back the VAT on the vinyl if you backdate your registration and either send the customer a bill for the VAT on what he has already paid or pay the VAT from your profit. So it in't worth it.

 

[LeighCar]

Getting paid and you have an invoice then you have the right to get VAT for it,well make sure that you got a simple and manageable terms and conditions regarding your product.

 

[MyAccountantOnline]

Getting paid and you have an invoice then you have the right to get VAT for it,well make sure that you got a simple and manageable terms and conditions regarding your product.

Not quite sure what you mean :|