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Post Info TOPIC: Reclaiming VAT on van purchase through personal finance
klp27


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Reclaiming VAT on van purchase through personal finance
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My new business has no trading history and therefore cannot purchase a van on business contract hire. If personal hire purchase is used by owner can the VAT be reclaimed?



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abacus12345


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Is this business a SE venture, or a limited company?

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klp27


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Hi. It is sole trader business.

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abacus12345


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Hi,

Knowing very little about your business, aside from you being a sole trader -

The answer could well be yes.

There are X amount of variables which come into play.

To save any possible future errors, I'd advise you acquire a good bookkeeper, or accountant.



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Johnny  - Owner of an overly-active keyboard. 

A man who can read, yet doesn't, is in no way wiser than a man who can't.

 
klp27


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Thank you.

 



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Cheshire


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abacus12345 wrote:



To save any possible future errors, I'd advise you acquire a good bookkeeper, or accountant.

 Second that re the Accountant.  You might consider you cant afford one, but you really cannot afford not to, given the complex regulations. 



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
annepebo


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If the 'business' has no trading history. Is it even registered for VAT?
Ok forgive me, it seems obvious, and I'm sure you have all of that in hand, but I have had potential clients who believed that all Vat was reclaimable just because they were 'in business' .

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Anne P
klp27


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Appreciate the question. Yes the business is cat registered from start up and about to start trading.

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Cheshire


Master Book-keeper

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So a voluntary registration for vat.

Have you taken advice on this aspect and on the actual legal status of the business you have set up to ensure you get the best tax advantages?

Just so you understand we cannot provide advice on here, its just for the musings and exchange of information of fellow professionals, so not to be relied on.



-- Edited by Cheshire on Sunday 15th of May 2016 07:08:54 PM

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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