VAT-What can and cannot be reclaimed (Infographics)
You are required to submit VAT returns to HM revenue & customs every 3 months if you are VAT registered and that’s the frequency you have opted for. When preparing and submitting returns for a specific period, you have to report your total sales and purchases, the amount of VAT owed on the sales and the amount of VAT that can be reclaimed on the purchases and the resulting VAT that is to be refunded or paid.
However, when claiming for VAT on purchases, certain conditions need to be kept in mind. For this very purpose, our in-house VAT Accountants have listed down things on which VAT can either be claimed or not, to make the overall filing procedure simpler and easier.