Depending on which VAT scheme you choose and of course the items must have had VAT applied to them in the first place.
You can claim 4 years on capital equipment purchased that you still retain & 6 months on services that you still use
To explain services; Let’s take a telephone bill. The calls have been and gone – so the VAT is not recoverable, but the line remains – so you can reclaim VAT on the line rental only.
When you register, you state on the application to HMRC what date you wish to register from.
Remember you can not state on your sales invoices the VAT amount until you have got your VAT number.
Vat registration is a lot quicker nowadays and can take approx. 4-5 days to come through. However, If the VAT number has not been received and the date requested has passed. Add VAT amount to the total amount you are charging. BUT don’t split the VAT out. On your invoice state VAT NUMBER PENDING. As you will be expected to pay HMRC any VAT from the date of registration.
When the number comes through – re-do that invoice and then you can show the Net / Vat / Gross amounts and the VAT number.
If you know of a local business that needs help with their VAT, whether that is full bookkeeping or just the checking service we offer, please do pass on our details, MJB Avanti (08000) 388 799.