If you’re now registered for VAT, you may be wondering if you can claim back the VAT on any purchases you made BEFORE you were VAT registered.
The short answer is, yes you can.
- If the purchase is an asset of the business (e.g. a new laptop, or a company van etc.), you can claim back VAT on purchases as far back as 4 years before registration.
- If the purchase is a service you’ve paid for, you can claim back VAT only for the 6 months prior to you registering for VAT.
- If the purchases are goods you’ve purchased for re-sale, the VAT you can claim will be based on the stock you have available in the business to sell to customers.
To claim this VAT back, the purchase must have been made through the business, not through your personal bank account or credit cards etc.
You’ll also need to have a valid VAT receipt for all of these purchase.
Find out more about the documentation you need to claim back VAT
If you think you’ve got VAT to claim from before your registration date, give us a call on 01454 300 999, or drop an email to firstname.lastname@example.org
Find out more about the FD Works’ approach to finance at fd-works.co.uk