gloplates started this topic @ 21:54 on 03/07/2006
Hi, can someone please offer some urgent help.
We have a dormant company formed a while back which we are now looking to change to a TRADING status. We are very much in Development stages only and at least a year or 2 away from actually selling anything. At present we are spending money for prototypes, Patents etc..
If we register for VAT, can we claim development expenses back ???
What about assets like PC's etc ?
Regards
Pete
Visual Interactive Ltd
RE: RE: Startup Company VAT help
gloplates | 04/07/2006 11:01 AM
Hi James,
Many thanks for the feecback.
When you say "pre-trading", i presume that i could submit receipts on items that i've bought for development over the last 12 months?
Pete
RE: Startup Company VAT help
James Smith | 04/07/2006 11:19 AM
Pete,
Some expenses you can up to 3 years pre-registration some only 6 months from the date of registration, and some not at all. The date of registration you choose does however have some flexibility.
Please seek proper professional advice this is a complex area with many opportunities to save sizable amount of money if you do it right. Please don’t rely on my quick forum responses as a substitute for proper proffesional advice.
Rgds,
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
