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VAT Reclaims

Discussion in 'Money, Accounts & Finance' started by Allan87, Aug 25, 2017.

  1. Allan87

    Allan87

    Joined:
    Jan 18, 2017
    Messages:
    3
    I started a business in October 2016 and registered for VAT at the same time to help with getting the VAT back on startup costs. I have a full time job besides the business and run the business on weekends from a spare bedroom I use solely as an office. Now 10 months in I have started looking at more ways to control costs and have learned that I can claim back other expenses too such as a proportion of my mortgage interest and household utilities. I live in a 3 bedroom house with the 1 bedroom as I say used as an office for my business, going forward I can claim back 33% of my mortgage interest if I have understood it correctly? Having only just realised this is possible I haven't been declaring this on my previous returns, can I reclaim the last 10 months in one go or have I missed the boat on those months?
  2. Dean

    Dean

    Joined:
    May 22, 2008
    Messages:
    9,441
    My advice would be to speak to an accountant. They will often save you more in tax savings than they charge you for their services. Any answers you get here will be from people that you don't know what their qualifications and experience are. I have found that even accountancy forums will see many different versions of answers for the same question.

    Find yourself a local accountant, ideally off the back of some recommendations.
    Lyddia likes this.
  3. Cody

    Cody

    Joined:
    Feb 17, 2016
    Messages:
    1,224
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