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It takes a lot of planning to start a new business from scratch. You may have to pay up front for some goods and services before you form the company to trade from.

Once your company is VAT registered you can claim back VAT incurred on those pre-incorporation costs, if there is a direct link between the costs and the future sales made by the company. But there are four other conditions to be aware of:

• Any goods acquired either to sell or use in the business must have been purchased no more than four years before the VAT registration date, and they must still be held on that day
• Services must have been incurred no more than six months before the VAT registration date
• The goods or services must be supplied to a person who becomes a director, employee or shareholder (not necessarily all three!) of the company when it is formed
• The company must reimburse the individual for those costs, or undertake to pay the costs directly

Talk to us at an early stage of your new business and we can help you reclaim all the VAT which is due.

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Clarke Nicklin House, Brooks Drive, Cheadle Royal Business Park, Cheadle, Cheshire, SK8 3TD. Registered Number OC309225.
The firm is registered to carry on audit work in the UK & Ireland. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001178544. The professional rules applicable are the Audit Regulations and Guidance which can be found at www.icaew.com/regulations, and the International Standards on Auditing (UK and Ireland) which can be found at www.frc.org.uk/apb/publications/isa.cfm.