- Original Poster
- #1
eek this is going to be a fun one to explain the VAT man, we are a UK based business and receive part funding from an angel investor in the US, now part of the problem is, some how we seemed to have claimed back some VAT on items he has purchased for us; now the items purchased we bought in the UK and paid for via credit card linked to our investor in the US.
The invoices are in our name but paid for by him, what ramifications is this going to have with the VAT inspection as at the time of the purchases we did not have any turn over going through the business bank account.
Since finding this out on friday, ive had very little sleep, our investor seems to think we are fine as everything is above board but I am just worried and stressed as getting everything inline has taken its toll.
Kind Regards
-Pete
The invoices are in our name but paid for by him, what ramifications is this going to have with the VAT inspection as at the time of the purchases we did not have any turn over going through the business bank account.
Since finding this out on friday, ive had very little sleep, our investor seems to think we are fine as everything is above board but I am just worried and stressed as getting everything inline has taken its toll.
Kind Regards
-Pete
