VAT no and insurance?

smiley girl

I have a question so I'm asking those in the know!

Do you have to have a VAT no to get commercial insurance?

Guy:Incognito

No.

smiley girl

Stekelly wrote: »

No.

I didn't think so either, but my bf just came home and said someone had told him this. I tried to google it, but couldn't find anything on it. That's why I posted here

Guy:Incognito

Is he mixign it up with motor tax? Theres been a few discussion on here recently where people have said they've been asked for things like vat numbers and signed letters from the gards when renewign commercial tax.

I've never been asked for anything other than my DOE when they know it's out they dotn bother looking for it otherwise.

oldyouth

Insurers ask for a VAT number for 2 specific reasons. Firstly, it is to try and confirm that the vehicle is being used for a legitimate business and secondly, because any VAT registered policyholder does not get paid the VAT element of any claim for damage to their own vehicle.

smiley girl

Stekelly wrote: »

Is he mixign it up with motor tax? Theres been a few discussion on here recently where people have said they've been asked for things like vat numbers and signed letters from the gards when renewign commercial tax.

I've never been asked for anything other than my DOE when they know it's out they dotn bother looking for it otherwise.

He's not sure now!

oldyouth wrote: »

Insurers ask for a VAT number for 2 specific reasons. Firstly, it is to try and confirm that the vehicle is being used for a legitimate business and secondly, because any VAT registered policyholder does not get paid the VAT element of any claim for damage to their own vehicle.

So, if you don't have a VAT number, u can still get commercial insurance?

Guy:Incognito

smiley girl wrote: »

So, if you don't have a VAT number, u can still get commercial insurance?

I've never been asked for a VAT number by an insurance company. Or any proof that I am what I say I am (work wise)

meathstevie

smiley girl wrote: »

He's not sure now!



So, if you don't have a VAT number, u can still get commercial insurance?

By all means yes because you don't have to have a vat number to be involved in a business either, you're only supposed to have a vat number once your business has a certain turnover and is not involved in a vat exempt activity ( carraige of passengers for reward for example; taxis, bus companies etc...).

smiley girl

meathstevie wrote: »

By all means yes because you don't have to have a vat number to be involved in a business either, you're only supposed to have a vat number once your business has a certain turnover and is not involved in a vat exempt activity ( carraige of passengers for reward for example; taxis, bus companies etc...).

Right, I understand now. Thank you for your help.

smiley girl

Stekelly wrote: »

I've never been asked for a VAT number by an insurance company. Or any proof that I am what I say I am (work wise)

Yes, I thought it was strange when I heard it.

oldyouth

Stekelly wrote: »

I've never been asked for a VAT number by an insurance company. Or any proof that I am what I say I am (work wise)

As I said before, Insurers can ask for your VAT number as a tool to verify you are legit if they have any suspicions. As for proof that you work at what you have said you do, they'll establish that easily enough if any claim comes in.

Basically, some insurers like to pre-empt any issues and some will deal with them at the claim stage