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if we purchase car of any asset with VAT paid what amount should we include inclusive VAT , or EXCLUSIVE amount .
It depends on whether the company is or is not VAT registred.
If so and VAT is recoverable in input VAT then VAT exclusive net cost is taken to capital allowance computation.
VAT is not recoverable for motor cars, so VAT inclusive cost is presented in capital allowance.Somebody should please help on this,
Howdo you grant Capita allowance on addition of new asset where there was asset of same category in previous year…
Eg mOtOr v in 2/3/004
NEw motor v in 5/7/06
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