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Post Info TOPIC: Finance lease and VAT
Diona


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Finance lease and VAT
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Hi All,

I really trust your opinion. I'd like to aks when we can claim VAT on finance lease. Can you claim it at the begining in full or every month with the monthly payments? Any link to HMRC website will be appreciated. :)

Thanks a lot!

Diona

 



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leshoward


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It depends! What are you buying? Is it a HP or lease? What type of business are you involved in? There are various scenarios, and the VAT position will depend on these factors.

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Diona


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Hi Leshoward,

Thank you for your reply.

I'd like to find out more information on HMRC website, but so far no success on this.

What would be the situation if it's HP? Any link on HMRC website?

Thanks a lot.

Diona



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JulieS


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Diona wrote:

Hi All,

I really trust your opinion. I'd like to aks when we can claim VAT on finance lease. Can you claim it at the begining in full or every month with the monthly payments? Any link to HMRC website will be appreciated. :)

Thanks a lot!

Diona 

 Because there is no transfer of legal ownership of the asset to the lessee until the end of lease contract, the lessee cannot claim the full VAT

at the inception of the lease, but only VAT on monthly rentals.



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leshoward


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Rules for cars are different to rules for commercial vehicles, or for business equipment, etc. Please specify!

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