pre VAT registration expenses on Flat Rate Scheme

Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

predo replied

13 October 2011, 21:18
Originally posted by malvolio View Post

True, but they may point out that you don't start on FRS, you start under conventional VAT for at least one quarter then ask if you can move to FRS. During which period you can sort out all the set up VAT costs you've incurred which will more than likely outstrip the usual benefit of using FRS. After all, you want to recover all the vat you 've laid out, not 72.5% of it

As for purchases and set up costs, buy what the hell you like, get VAT receipts and expense them back once the company has some money in it.

Look, it's not just random you know. Although sometimes you have to wonder if people really understand what they're doing and why

thanks, thats exactly what I wanted to know. I'll speak to accountant about this as well but its always better to be prepared and know how this should work rather than rely on accountant to tell you the "truth".... :-)
Leave a comment:
malvolio replied

13 October 2011, 20:30
Originally posted by northernladuk View Post

I generally find the best people to ask this of are SJD.

True, but they may point out that you don't start on FRS, you start under conventional VAT for at least one quarter then ask if you can move to FRS. During which period you can sort out all the set up VAT costs you've incurred which will more than likely outstrip the usual benefit of using FRS. After all, you want to recover all the vat you 've laid out, not 72.5% of it

As for purchases and set up costs, buy what the hell you like, get VAT receipts and expense them back once the company has some money in it.

Look, it's not just random you know. Although sometimes you have to wonder if people really understand what they're doing and why
Leave a comment:
northernladuk replied

13 October 2011, 19:55
I generally find the best people to ask this of are SJD.
Leave a comment:
predo started a topic pre VAT registration expenses on Flat Rate Scheme

13 October 2011, 18:12
pre VAT registration expenses on Flat Rate Scheme

Ok quick one - HRMC says that I can claim VAT back on pre registration expenses even if I am on the flat rate scheme. Two things I want to clarify

1. it doesn't need to be usual £2000 capital expenditure - can be any amount pre registration
2. does it need to be EXACTLY before registration date or is it entire first period before 1st return.

I'm about to send off my vat registration application to SJD and wonder if I need to buy laptop work work now (as in today or tomorrow) or can it be within next couple of weeks before VAT registration comes through?

ta
Tags: None