Reclaim VAT on purchase before business set up?

Jan 25, 2008 1 Replies
S

Hi,



I am a few weeks away from starting my own business with which I intend to become VAT registered.



Today I was contacted by someone I know and trust with a very good deal on some equipment I need to invest in for the business. I know this is from a trusted source, brand new and all above board.



Can I buy this equipment today (cost inc. VAT approx. 5K) and then reclaim the VAT once my new business is up and running and VAT registered? Or can I only claim for new purchases after the date my business is officially VAT registered?



It's buy now or lose out!



Thanks, Sarah


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M

I believe you can make a retrospective claim for equipment bought prior to registration. I did this for my computer equipment to be used for my new limited company, and then once VAT registered I included the cost in my first VAT Inputs. That was 10 years ago, but I doubt if the rules have changed.

Matti PS Best of luck!

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