Are we able to reclaim vat?

motomad | 21:17 Mon 25th May 2009 | Business

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A large amount of equipment we use for our business was destroyed by fire,are we able to reclaim the vat.?

Whether to start a business or buy a new business

Withholding a payment question

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knockavacca

as you must be registered for vat,why not ask the vat man,after all they are there to help

buildersmate

Indeed, assuming you are registered for VAT, your business won't have paid VAT on the equipment in any case.
In which case the answer is 'no', as you won't have paid it in the first place!
If insured, the insurers will want to pay out no more than the net book value of the assets.

motomad

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Thanks for your replies.

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