If one attends training courses, under what circumstances can one reclaim VAT?
Thanks for info Keith.
More specifically, I attended a training to help me start a business.
If I start the business:
Thanks. I don't understand this jargon: "Is not allowable as a deduction in computing the profits of the trade, profession or vocation but would have been so allowable if incurred after the trade had commenced."
Does it simply mean that VAT can only be claimed if training takes place after the business starts? And I'd have to place it under expenses?
Also, do I have to be registered as a company, or can I still reclaim VAT even if I'm doing a side business as self employed in addition to my full time employment.. obviously filing tax return.
No it doesn't, all it really means is that if would be allowable in the ordinary course of trade (ie exclusively and necessarily etc) when actually trading it would equally be allowed as an expense before the trading actually started also.
VAT laid out before the business commences is an input in the first VAT return submitted. For book keeping purposes you could post it as a preliminary expense, but if the amount is small why bother with all that palava, just put it through the Profit and Loss account as an expense.
You o not have to operate as a limited company. Employment and self employment can run in parallel, it's perfectly normal
Very well, thank you Keith.