I am completing my first vat return and need to claim input vat from assets bought prior to registration. What is the method to include these on the vat return?

gary21 · ‎July 09, 2019

TaliaI · ‎July 09, 2019

Hello gary21,

Welcome to the Community - thank you for your question!

There are a couple of options:

1. Create a blank return for a period before your current period starts, i.e. if your return runs from May to July, select in the VAT settings that the first month of your return is April. Go into that open return, change the start date to a time before these asset transactions (this can be going back 4 years if the transactions are that old) and the end date to the day before your period starts (i.e. April 30th) then select 'Mark as filed' in the drop down menu next to Submit to HMRC. Once this period is marked as filed, enter the transactions that you need to claim with 20% VAT on them. They will then create an exception on the return you are due to submit and include it in your figures.

2. Or, click prepare return and create an adjustment against the correct box for the VAT amount of those transactions. This is the best option.

Let us know if you have any further questions.

Thanks,

Talia

View solution in original post

TaliaI · ‎July 09, 2019

Hello gary21,

Welcome to the Community - thank you for your question!

There are a couple of options:

1. Create a blank return for a period before your current period starts, i.e. if your return runs from May to July, select in the VAT settings that the first month of your return is April. Go into that open return, change the start date to a time before these asset transactions (this can be going back 4 years if the transactions are that old) and the end date to the day before your period starts (i.e. April 30th) then select 'Mark as filed' in the drop down menu next to Submit to HMRC. Once this period is marked as filed, enter the transactions that you need to claim with 20% VAT on them. They will then create an exception on the return you are due to submit and include it in your figures.

2. Or, click prepare return and create an adjustment against the correct box for the VAT amount of those transactions. This is the best option.

Let us know if you have any further questions.

Thanks,

Talia

Topics

Training

Community

Resources

I am completing my first vat return and need to claim input vat from assets bought prior to registration. What is the method to include these on the vat return?

I am completing my first vat return and need to claim input vat from assets bought prior to registration. What is the method to include these on the vat return?

I am completing my first vat return and need to claim input vat from assets bought prior to registration. What is the method to include these on the vat return?

Need to get in touch?