Claiming input VAT on Flat Rate Scheme

Claiming input VAT on Flat Rate Scheme

Claiming input VAT on Flat Rate Scheme

Normally the input VAT is not considered if your business is registered for an FRS. So you simply apply the percentage of the Flat Rate applicable to your business and ignore the input VAT. But you may be losing some pounds if you have made a significant purchase of fixed assets, equipment, and other business assets. Here, HMRC allows you to claim the VAT on such purchases meeting certain conditions.

  • The purchase must be of assets to be used in business
  • The purchase should be a single item or a package of items to be bought together
  • The purchase must be in excess of £2000

Note: The Value of Purchase Net of VAT (net purchase) must be put on box 7 (net purchase) of VAT Return.

Know more about Claiming Input VAT on Flat Rate Scheme: Click Here

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