kristaps
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RE: Where and how to record reclaimed backdated VAT
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Where and how to record reclaimed backdated VAT
Hello, I became a VAT-registered as a sole trader and I am recording my revenue and expenses without including VAT for either (as I read on HMRC website thats one of the ways to do it). However, after becoming VAT registered I took the advantage of reclaiming VAT for the qualifying business expenses from the previous 4 years and I was wondering if and how that reclaimed VAT amount should be declared somewhere since obviously those expenses were initially recorded including the VAT when I wasn't VAT-registered. Thanks! Kris