Sole Trader - VAT on new vehicle

[tuna_tuna]

Hi all, I am a fairly new sole trader and I have just bought a new commercial vehicle to be used by myself for my business.

How do I claim back the VAT on this purchase, do I just incorporate it as part of my bi-monthly VAT return calculations (VAT3) or is it something my accountant sorts out at the end of the year ?

Regards,
T

 

[rabbit]

if you settle your vat bi-monthly that is when it will be incorporated, as far as I know

 

[Graham_07]

If you have a VAT invoice for the vehicle dated since your date of registration for VAT then it just goes in as purcahses not for re-sale in the regular VAT return. As Revenue are changing the frequency of returns to bi-monthly, four-monthly and six-monthly, id depends on what filing frequency you are on.

The above presumes that the purchase was straight or financed by loan or HP. If the purchase was financed by Lease then the VAT credit is allowed when each repayment is made. So if you are filing bi-monthly then you would have two lease rentals in each VAT period as you pay them.

 

[tuna_tuna]

Thanks for the replies. I purchased the vehicle straight from the dealer with my own money. I send in VAT 3 forms every second month - currently doing July-August - so as I purchased the vehicle at the start of this month so I will incorporate this VAT value in my purchases not for re-sale for Sept-Oct.