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Hi All/Rob
could find a seperate forum for billhop, so was chancing my luck today hoping for a quick answer to my question.Is the required detail available for entry on your VAT return?
My accountant asked if it was an interest expense as it has been recorded but mentioned that as a service fee it was vatable and the vat should be recoverable. He wanted to an adjustment in our next return.
If it is a business expense and that has VAT, I can’t see why you can’t claim back the VAT.
And you’ll need a VAT or less detailed VAT invoice to support the claim.
If there’s a compliant VAT invoice and it was a business expense: yes.
The more interesting issue is: why is it considered VAT-able supply?
There has been some previous discussion around the issue of VAT on Bluechain. I have (in corporate guise) paid VAT to Bluechain, been issued valid VAT invoices, and reclaimed the VAT.I don’t see why it’s a VAT-able supply and I think they probably have it wrong, but if I have a valid VAT invoice then that’s a them problem.
Discussion on this in the comments to our recent Bluechain article.
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