Generally, when a business registers it can reclaim VAT paid for goods on hand. There’s also scope for reclaiming VAT on services received before registration but tough conditions apply. What exactly
are you allowed to claim for?
Published 06.09.2012
It’s common for new businesses to incur hefty start-up costs. While you can claim a tax deduction from profits for these, tricky rules mean you might not be entitled to reclaim all the VAT. What
steps can you take to maximise the VAT recovery?
Published 30.04.2015
The European Court of Justice (ECJ) recently delivered a shock decision which could open the way for UK businesses to reclaim the VAT paid on goods they bought and used before they were registered.
What’s the full story?
Published 12.11.2010
The flat rate scheme has advantages for small businesses, not least the potential to reduce their quarterly VAT bills. However, one of the disadvantages is a restriction on reclaiming VAT paid on
some capital purchases. When does this rule apply?
Published 15.05.2023
You’re thinking of branching out into a new trade to complement the existing one. You’ve incurred costs on research and feasibility but if you decide not to go ahead are you entitled to recover the
VAT paid on these?
Published 30.06.2021
Your bookkeeper has found a batch of purchase invoices on which VAT hasn’t been reclaimed. They date back a few years and you think that it may be too late to reclaim the VAT. What is and isn’t
allowed?
Published 22.06.2020
You’re transferring your business to your new company which will then register for VAT. The company will take over the current business lock, stock and barrel, but does that entitle it to reclaim VAT
on purchases made by the old business?
Published 13.11.2013
Registering for VAT can be voluntary or compulsory. Either way it will take time for HMRC to get you in the system and issue a registration number. How should you deal with invoicing your customers
during this period?
Published 28.03.2019
In 2011 HMRC changed its guidance on how much pre-registration VAT businesses can reclaim. However, in November 2016 it issued a statement saying its revised guidance was wrong. What’s the position
now?
Published 09.01.2017
If your business makes VAT exempt and chargeable sales, you’ll soon need to make an annual adjustment to the amount you’ve reclaimed on purchases. How can you use this exercise to improve your cash
flow or even reclaim more VAT?
Published 02.05.2012