13 Jun 2018
There are special rules that determine the recoverability of VAT incurred before a business registers for VAT. This type of VAT is known as pre-registration input VAT. There are different rules for the supply of goods and services and VAT can only be reclaimed if the pre-registration expenses relate to the supply of taxable goods or services by the newly VAT registered business.
The time limit is backdated from the date of registration and is:
The VAT should be reclaimed on the business's first VAT return. When a new VAT registration is applied for there is an option to backdate the registration (known as the effective date of registration), this option should be carefully considered if there is additional input tax that would then be recoverable. However, on the other side of the coin, there may be additional VAT due on sales within the back-dated period so careful consideration must be taken to ensure optimum recovery of pre-registration expenses.
There are special rules for partially exempt businesses and for businesses that have non-business income and for the purchase of capital items within the capital goods scheme (CGS).
Vada Studios is a very successful music recording facility. The business had outgrown their existing premises, and had a vision to create one of the top residential recording studios in the UK.
A highly successful restaurant, butcher and retail business.
GJA have been the retained accountants for this property investment and development group for over 20 years. Imminently due to dissolve companies.
Proco approached us with an idea of becoming a distributor of a high-end product in the UK, supplying vinyl nationally.
In 2008 Tom Floate left his employer to set up his own business providing website services. Initially forming a partnership with his wife Rachel, they began trading IO Studios from their home office.
Barry the Butcher is a very successful wholesale butchery and retail business.
Chris works with a diverse profile of owner managed businesses to assist them to grow and retain wealth. Although Chris works with clients from a wide range of sectors, he has particular expertise in property, catering, consultancy and professional services.
Managing Director ACMA
Alex has worked for Grenfell James since 2002 and became a director in 2013. Overseeing our internal operations, he manages the flow of work and ensures we hit our strict deadlines. Alex also manages a portfolio of clients, with expertise in manufacturing and service businesses.
Operational Director MAAT
David has worked for Grenfell James since 2006. He heads up our tax team and is highly experienced with expertise in different industries and sectors.
Tax Director ACCA
Hannah qualified in 2016, having worked for the company since 2009. She acts as a client manager for a range of businesses, with expert knowledge of the equestrian and rural sector. Hannah also manages our payroll team.
Client Manager ACCA
Paul Stanley. A S Contracts Ltd.
Proco Coatings & Laminates
Mr J McCarthy
Mr I Cameron
Regent Square Estates
NPD Design Consultants Ltd
Roy Ferguson. The Perfect Cosmetics Company.
Dean. Wootton IT
Andrew Knight. The Howard Arms Ilmington
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