The Mudcat Café TM
Thread #163957 Message #3917606
Posted By: GUEST,EllisK
16-Apr-18 - 08:02 AM
Thread Name: Tech: Claiming VAT for studio purchases?
Subject: Tech: Claiming VAT for studio purchases?
Hi all!
I run a decent size studio in a small town in Oxfordshire. I don't know a whole lot about VAT on items for business use, but I'm planning on a large investment in the instruments recording area of the studio, replacing damaged/older amplifiers and some nice new mics. I would normally send my personal bank the money it would cost and buy it that way, but had someone tell me that will hurt my tax if I'm paying myself more (poked around this tax tool which said I would pay a good few hundred more in tax taking into account purchases on that account!). Doing some research into it apparently I can claim back the VAT (20%?) on purchases if they're for business use. Would I be able to do this for the mics&s I'm buying, and how do I go about doing that if I can?