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Hi all
Can you claim VAT on items bought before you were VAT registered?
I need to get a company VAT registered. It's just been registered at SARS and has an income tax number.
Purchases need to be made, including some assets to get the business started. But can I claim the VAT on these items in future, after VAT registration is complete?
If not, is there another way to perhaps handle this. Startup items purchased by a related party that is VAT registered - can the related party claim the VAT and the expense put to a loan account?
Thanks for any input.
Kind regards
Tracy
Can you claim VAT on items bought before you were VAT registered?
I need to get a company VAT registered. It's just been registered at SARS and has an income tax number.
Purchases need to be made, including some assets to get the business started. But can I claim the VAT on these items in future, after VAT registration is complete?
If not, is there another way to perhaps handle this. Startup items purchased by a related party that is VAT registered - can the related party claim the VAT and the expense put to a loan account?
Thanks for any input.
Kind regards
Tracy