First year accounts - bringing in assets

[MrMarkyMark]

OK so it's applicable intra-country in the EEA. It's seems a reasonable to question to ask.

Not really, the statement above is really very clear, no?

[pr1]

If you want to maximise what you keep, the trick is to put expense everything once you've register for VAT (and hence claim the VAT back) THEN join the FRS, just before you start billing

You've probably missed the boat on that though if you're already signed up for FRS

[TheGreenBastard]

Not really, the statement above is really very clear, no?

Not really; if you take a single sentence as the one truth then yes. Go down the rabbit hole of EEA legislation on the Gov website and suddenly it's doesn't seem as simple as reducing it down to a single, simple assertion - even though in my position, it does seem I can't claim it back.

[TheGreenBastard]

If you want to maximise what you keep, the trick is to put expense everything once you've register for VAT (and hence claim the VAT back) THEN join the FRS, just before you start billing

You've probably missed the boat on that though if you're already signed up for FRS

Sadly yeah, you live and learn!

[MrMarkyMark]

If you want to maximise what you keep, the trick is to put expense everything once you've register for VAT (and hence claim the VAT back) THEN join the FRS, just before you start billing

You've probably missed the boat on that though if you're already signed up for FRS

Agreed. The main issue is his ongoing VAT able costs imo.

[northernladuk]

Sadly yeah, you live and learn!

Spending time speaking to your accountant early in would have been easier though.

[TheGreenBastard]

Spending time speaking to your accountant early in would have been easier though.

Part of the problem is I just used (naively?) the same Ltd. I was using for my business which has existed in some capacity prior to contracting. My mistake.

[MrMarkyMark]

Not really; if you take a single sentence as the one truth then yes. Go down the rabbit hole of EEA legislation on the Gov website and suddenly it's doesn't seem as simple as reducing it down to a single, simple assertion - even though in my position, it does seem I can't claim it back.

But logically, why do you think you would be able to claim VAT against foreign expenditure
I can only assume you would rather be that way, to suit your circumstances, no?

[mudskipper]

If you want to maximise what you keep, the trick is to put expense everything once you've register for VAT (and hence claim the VAT back) THEN join the FRS, just before you start billing

You've probably missed the boat on that though if you're already signed up for FRS

I believe you can claim for 6 months pre-registration. So pre-incorporation expenses can be reclaimed even if on FRS (and the 2K limit does not apply)

[VectraMan]

I believe you can claim for 6 months pre-registration. So pre-incorporation expenses can be reclaimed even if on FRS (and the 2K limit does not apply)

That's my understanding too. FRS starts on a particular date so anything purchased before that can be reclaimed, even if it was before the company existed, perverse as that sounds.