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we cannot reclaim input vat on petrol used in a car which is for both private nd business use , in the month prior to registration of vat right.
then what abt output vat? as this is before registration do we still charge output vat on the scale charge as car is for both private nd business use? or bcoz no input claimable do we charge output vat on normal exp amt?a qtn from kaplan exam kit. i did not understand the answer theyve given so im asking u
qtn- yui started trading on 1 arpil 2024 nd registered for vat from 1 jan 2025. her first vat return is for quarter ended 31 march 2025. during period 1 april 2024 to 31 march 2025, yui incurred input vat of 110 per month in respect of hire of office equipemnt. how much vat can yui reclaim on her vat return for the quarter ended 31 march 2025.
we cannot reclaim input vat on petrol used in a car which is for both private nd business use , in the month prior to registration of vat right.
then what abt output vat? as this is before registration do we still charge output vat on the scale charge as car is for both private nd business use? or bcoz no input claimable do we charge output vat on normal exp amt?
Output VAT on the scale charge is accounted for in the first VAT return.
Could you please post different questions on a new post?
a qtn from kaplan exam kit. i did not understand the answer theyve given so im asking u
qtn- yui started trading on 1 arpil 2024 nd registered for vat from 1 jan 2025. her first vat return is for quarter ended 31 march 2025. during period 1 april 2024 to 31 march 2025, yui incurred input vat of 110 per month in respect of hire of office equipemnt. how much vat can yui reclaim on her vat return for the quarter ended 31 march 2025.
Input VAT on services (including hire charges) can be reclaimed on the first VAT return if incurred within 6 months of trade, so in this example, the input VAT for the three months to 31 March 2025 (the period covered by the first VAT return) can be reclaimed along with the hire charge for the previous 6 months, giving 9 months in total.
to claim input vat on purchases is it compulsory that it shld be evidenced by invoice? if no invoice then no claim ?
Generally, yes, but if there’s no VAT invoice for whatever reason, businesses may still be able to reclaim input VAT based on alternative evidence which shows that the VAT was due and charged by the supplier and paid by the claimant, but this would be at HMRC’s discretion.
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