[cxqchace]

After 3 attempts, finally made it at the 3rd time with 53%!

Now an ACCA affiliate.

Cheers!

[cxqchace]

In regards to Capital Goods Scheme:

If you’re a VAT-registered trader and you acquire or create an expensive capital asset, or you have one when you first register for VAT, you may have to use the Capital Goods Scheme to make adjustments, over several years, to how much VAT you initially reclaimed on the asset. The scheme applies when you spend, net of VAT:
£250,000 or more on land, buildings, or civil engineering works
£50,000 or more on a single computer or piece of computer equipment
£50,000 or more on an aircraft, ship, boat or other vessel
If your business has an asset and the extent to which you use it to make taxable supplies varies over the Capital Goods Scheme adjustment period (up to ten years depending on the asset), you’ll have to adjust the amount of VAT you reclaimed. You can reclaim more if the proportion of your taxable supplies increases, but you’ll have to repay some if it decreases.
Your taxable supplies are your sales that you make which are standard, reduced or zero-rated.

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