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Pre-incorporation expenses: VAT 6 months limit for services

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Pre-incorporation expenses: VAT 6 months limit for services

  • This topic has 2 replies, 2 voices, and was last updated 7 years ago by Tax Tutor.
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  • August 31, 2017 at 1:17 pm #404647
    thandolwenkosimoyo
    Member
    • Topics: 5
    • Replies: 42
    • ☆

    From what I know services are not tangible. ‘Hiring’ of a photocopier and its output are tangible (substance over form-control). Could also be lease hire for heavy duty copiers, making it a Tangible asset. Why Should the limit not be more than 6 months like stock, printers etc? Unless if it is because toners are consumables, (however print outs tangible?)

    Copier limited by 6 month rule? Food for thought.

    September 1, 2017 at 2:43 am #404766
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    The 6 month rule applies to all services provided – it is not like an asset that you still own at the date of registration and will subsequently sell post registration and therefore be required to charge output tax on that sale of the stock or asset

    September 1, 2017 at 4:04 am #404770
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    please also note that the issue is NOT about pre-incorporation expenses it is about pre-registration expenses

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