Backdating vat charges
The client builds property and then sells them. Nothing in this query and answer should be construed as constituting tax advice or a tax opinion. Anything that is used up, for example, fuel and electricity is excluded.
Typically, you will receive your refund ten days after initiation a claim. Business assets transferred to you as going concern.
Anything not entirely for business use you can claim the business portion of it. For goods, you can make a claim on those purchased four years before registration. After catching up on back taxes, it is prudent to educate your employees on compliance, with an emphasis on ensuring to get compliant receipts for your regular reclaim applications.
Vat claim on pre vat registration
You must also be able to demonstrate how the purchases relate to your business at present. For consideration, receipts and invoices with clear dates of purchase must be included in your application. It remains your own responsibility to consult the relevant primary resources when taking a decision. The difference between the two is what your business can claim. We are aware that this is an ongoing problem which the legislature would need to address.
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