VAT on fixed assets

[marcin]

Hi All,

As always to make things easier:
1. Soletrader
2. Registered for VAT

I will buy 10 Laptops next month (2010). (not for resale)

I already know that they are assets and cannot be claimed as expenses.
I also know that I can claim capital allowance of 12.5% over 8 years.

Questions:

1. can I claim the first 12.5% of capitall allowance in the tax return for 2010? Or for 2011?

2. What about VAT? Can I claim ALL VAT in my bi monthly return, or the 12.5% applies also to VAT claims?

Thanks for all your help!

 

[Nige]

1. you can claim the first 12.5% capital allowances in your 2010 tax return, provided they were brought into use before the end of your 2010 accounting period.
2. all the vat can be claimed at once.