VAT On Secondhand Diesel Van

mgc

Registered User
Messages
19
I am self employed and vat registered, I purchased a Secondhand van from a garage and got it financed by GE money.Can I claim the vat back on my monthly installments when I do my bi-monthly vat return.Thank you.
 
If the GE money agreement is a lease and has VAT charged on a VAT schedule then yes. You claim the relevant amount each VAT period.

If the GE money agreement is a Hire Purchases and has VAT charged on it then also yes. However with a HP you can claim the VAT upfront in one go.

Both of the above are subject to 100% of the van use being qualifying for business. If you have no other transport and are using it personally as well as for business then some apportionment may be necessary as you are not allowed claim VAT on personal use.