I am finally forced to register for VAT and will be from 1 June. I am in manufacturing/retail. What happens to all the raw materials and stock that I have? I will be selling ready-made items including VAT from June, but I cannot claim back the VAT that I paid on the raw materials in the months preceding June. I can see me losing a lot of money this way. Surely there must be an elegant solution?
Can anyone help, please?