Monkey Boy got himself a van 5 years ago and reclaimed the vat. ( inside MB ltd - duly vat registered etc etc)
We are doing the accounts for the first time ( new client) and notice its actually an operating lease, with vat charged monthly.
The original vat reclaim 5 years ago is out of time and cant be paid back.
But the vat should be claimed on the operating lease payments as they are in time ( 5 year lease)
It doesn't seem fair, but can MB ltd now reclaim the vat and in effect get it twice?
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