VAT refund

[alexlowe]

Hello again everybody...

Is it true that i can register for VAT (i didnt reach the threshold) and then claim back the VAT i paid when i bought some wholesale goods? How do i go about doing this?

Is there any kind of time limit? I bought (and sold) the goods in summer 2005...

I'm sorry if this a basic question, but i would appreciate some help as i looked on the HMRC website but couldnt get anywhere because they wanted a password etc...

Thanks

 

[steve99]

The answer in short is YES but be carefull as i was caught out.
You may claim the VAT back but you must also have charged your customers VAT for the period you are claiming and if you failed to do this the VAT office will demand the money from you personally and all you become is a tax collector for the government. Think long and hard before you decide and perhaps speak to your local VAT office

 

[alexlowe]

OK, i get it... the tax man will just demand the VAT from me... thanks for your help.

 

[Joyous]

Is it true that i can register for VAT (i didnt reach the threshold) and then claim back the VAT i paid when i bought some wholesale goods? How do i go about doing this?

Is there any kind of time limit? I bought (and sold) the goods in summer 2005...

You can actually claim back the VAT on goods bought up to three years before the date of registration. However one of the conditions is that the goods are still in your possession at the date of registration.

As you have since sold the goods you will not be able to reclaim the VAT.

Regards

Joy

 

[alexlowe]

OK, i think i'll forget it... thanks.

 

[puravida]

If you are sitting on a fair amount of stock it is worthwhlle.
We got about £7k back when we VAT registered for stock & capital purchases like the computer, fax machine etc etc.