If so, do I submit the VAT amount to get it back in one lump in my next return or is it spread over a number of returns
VAT on finance lease payments are claimed with each payment, i.e. monthly if the payment is monthly. VAT on leases are not claimed "up front"
And as the question asks, the pros and cons of having the vehicle on the balancesheet as apposed to a monthly repayment with you claim the VAT back on
If the vehicle is on a finance lease then the vehicle shows as an asset on the balance sheet anyway with the related lease obligations under creditors part of which would be due in < 1 yr, >1yr & <2, >2yr & <5 etc.
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