I run a small business and need VAT advice?

Question

If I purchase a new computer or laptop, can I claim the full amount back from my VAT. I was told that if I buy a pc for £400 then £400 will be deducted from my VAT bill as it's classed as consulmables. Is this true or would I just claim back the VAT i spent on the item?

Thanks

I am VAT registered and am unable to find anything on the customs website thanks

Answer 1

It depends if you are registered for VAT or not.

If you are, then you can reclaim the VAT element of the purchase on your VAT return.

If you are not, the whole cost of the PC including VAT can be claimed as a business expense, although you should in theory write it off over it's expected useful life (3-4 years).

Answer 2

You can only claim back VAT that you paid .. if you attempt to claim VAT without a VAT Receipt you will end up in trouble with HM Customs & Excise (this is WORSE, by far, than being in trouble with the Taxman .. and YES they DO go down to the final penny ...) ,

As a Business asset, the cost of the PC can be claimed as a cost, however it will have to be written off over (I believe) 3 years... (check capital allowances, computer equipment)

Answer 3

the guy above me is right, but i wouldn't recommend going through the website, you could wait up to 10 days for a reply by email. ring the national advice service on 08450109000 and press option 2 for vat. you'll speak to a vat advisor who gives general advice. if you need the business education and support team ask them for you local business education and support teams number

Answer 4

Contact HM Revenue & Customs -www.hmrc.gov.uk. You should find everything you need there,including links to customer service personnel and Business Support Teams who exist to help customers...for free!

Answer 5

as i understand you simply get the vat back but you can check it out online

Answer 6

contact you tax office . you can clam a percentage of the tax back