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AZZIK
22nd May 2007, 07:44
Hi I am looking at purchasing a diamond ring and noticed the following comment on the website I am thinking of purchasing from
' UK buyers who are VAT registered are exempt of VAT providing that their purchase is for business purposes, in this case their VAT number will have to be provided'

What do you think

Could we put it in as a business expense :freaky:

BrilloPad
22nd May 2007, 07:49
I knew someone who put a kitchen through once. For some reason his accountant did not query him. IR crawled all over his books - he lost alot of money from previous years.

IMO dont do it - but you might be lucky!

I expect MB to tell you to go ahead - and I await a comment saying I should not be so negative and think outside the box more... :-)

VectraMan
22nd May 2007, 07:54
Can you argue that it's a marriage of convenience, and purely for business purposes?

n5gooner
22nd May 2007, 08:04
can't you just get the shop to make a receipt out for some thing else? Computer equipment for example ?

Old Greg
22nd May 2007, 08:06
can't you just get the shop to make a receipt out for some thing else? Computer equipment for example ?
Or you could just pay the VAT like everyone else. Or am I still 'thinking like a permie'.

n5gooner
22nd May 2007, 08:07
Or you could just pay the VAT like everyone else. Or am I still 'thinking like a permie'.


mmmm permie.....

TheRightStuff
22nd May 2007, 09:23
are we really having this discussion. Just buy the ring and give it to her. End of story. Are you really that tight.

timh
22nd May 2007, 09:29
Or give her something a bit more ethical.

n5gooner
22nd May 2007, 09:36
like a PC - then you can put it through the books....

tim123
22nd May 2007, 09:39
Can you argue that it's a marriage of convenience, and purely for business purposes?

How would that make the ring a necessity?

tim

AZZIK
22nd May 2007, 10:28
seems some confusion I am a girl and I am buying the ring for myself!

I may have to just but it and pay the VAT to avoid the attention from IR

gingerjedi
22nd May 2007, 10:31
:o sorry EDIT! ...still takes the Pi55 mind!

Just go to Antwerp and buy it cheaper then wear it back, simple.

angusglover
22nd May 2007, 10:38
...And claim the trip as a business expense...lol

ASB
22nd May 2007, 11:08
You could buy it through the company and take a BIK charge for the usage. Wouldn't like to argue about reclaiming the VAT though. You could then revalue the asset to it's trade price and sell it to yourself effectively saving the CT on the depreciation.

This would probably make your accountant and IR somewhat unhappy but ultimately what the IR can do may be limited.

There are some special rules. Start here: http://www.hmrc.gov.uk/employers/ebik/ebik3/assets-placed-01.htm