VAT Advice

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Experience Level: Intermediate
Hi Laura,

I have used you before for my company Gut 2 Cut Ltd which you dissolved for me. I was going to use you for my iSelfBuild Ltd accounts... but I managed to do them myself as it was just so simple as I had made nothing, spent nothing etc...

I am building two holiday lodges at the moment -

I am buying a digger... well my Dad is and we have just had the CASE (digger brand) financial adviser out as we are putting £7500.00 down on the machine and the rest is on finance. The machine is £12,250.00 plus VAT.

My Dad is not VAT registered. The CASE FA said they only usually lend to businesses so has suggested that I become VAT registered and I become the owner of the digger...

I have some questions...

He says I can claim back VAT on purchases from up to 3 years after incorporating once I become VAT registered. Is this correct?

If so then I would need assistance in becoming VAT registered and advice on how I make it look like I am (iSelfBuild Ltd) buying the digger... I don't think they will like to see £7,500 come from my Dad and then the finance from my company... maybe he needs to become a director and invest that amount in my business?

The business doesn't really trade that much, I build a few websites for people - forecasts of £500.00 a month earnings - most of my time is spent building the lodges!

Hoping you can help with this!


Richard Knight

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