I've just started a new ltd company and as you can imagine there has been alot of capital purchases which have been subjected to VAT.I have registered for VAT and got a number etc.
Now my question is " Can i reclaim my suffered VAT on my initial purchases before the next filing date?
Cashflow is king and i could do with money to help.
Thanks
Paul
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You can reclaim VAT paid before registration as long as you have a valid VAT receipt:
6 months on services
3 years on goods as long as they are still owned by the business at the registration date. e.g you can claim VAT back on stock you still have, but not the stock you already sold pre registration.
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You can reclaim VAT on assets that are still in use within the business retrospectively for 3 years and 6 months for any services the business incurred from date of registration.

When you registered for VAT, you should have noted on the form (if you did this manually rather than electronically), that you want the earliest VAT return period/stagger available, so that when you got your VAT number, the first VAT return would have been due quite soon afterwards.

You cannot reclaim input tax any other way other than through the normal VAT return submission and if your first or next return is not for another month or so then you cannot accelerate that in any way.
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Thanks

I applied online and everything went fine, I guess i will have to wait the 3 month std period then. thanks for the replies
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Thanks

I applied online and everything went fine, I guess i will have to wait the 3 month std period then. thanks for the replies

Expect a VAT visit after your first year, especially as you have reclaimed VAT so early (infact its normal for new companies to do so).
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Expect a VAT visit after your first year, especially as you have reclaimed VAT so early (infact its normal for new companies to do so).

HMRC rarely do the first year visits anymore....unless the business is in a high risk sector such as mobilephones.

Usually, the business can expect a phone call from HMRC upon first VAT return and they'll usually ask for photocopies of invoices of high value to be faxed over to them - that'll normally satisfy them for first registrants.
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Thanks for all the info, I am aware that as i will be claiming alot of suffered VAT on my purchases back, a visit will made. It is not a problem as everything is in place and correctly filed.
My problem is that its a strain on my cashflow, but hey with banking industry in melt down i'm sure there will be alot more suffering greater than I.
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You could opt for monthly VAT returns. Having said that, it is probably not appropriate for you, and HMRC are so slow it probably would not be in place before your first 3-month VAT return anyway. But then again, if you're desperate, a call to HMRC can't hurt and - if you;re lucky - just might help satisfy King Cashflow!

From HMRC's website: hmrc.gov.uk/vat/ret-howto.htm

How often do I need to file a VAT return?

You need to fill in and submit a return for each VAT period, which is usually every three months. Sometimes a VAT period can be yearly or monthly.

If you use the annual accounting scheme, you only need to file one VAT return each year - but you will need to make interim VAT payments on account.

You can ask HMRC for a monthly tax period if you expect to regularly reclaim VAT because the VAT you pay on your purchases is usually more than the VAT you charge on your sales. You will have to make 12 VAT returns per year. You can't use monthly VAT periods if your turnover is below the VAT threshold and you registered voluntarily for VAT.

You must file a VAT return even if you don't buy or sell anything VATable during your VAT period.

Hope it helps, though (as I say) it is unlikely - sorry!
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