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Buying a Commercial vehicle?

  • 12-01-2012 7:16pm
    #1
    ImBoredDotIe
    Registered Users, Registered Users 2 Posts: 17 ✭


    Hi

    I would like to enquire what the situation is when buyin a commercial vehicle. How does the VAT back work? Is it paid back as a lump sum or is it paid back over a certain amount of years?

    thanks in advance for any help!


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    If you purchase the asset for cash, with a loan or HP than you get an invoice and you get it back in a lump sum.

    If you lease the asset then you recover the VAT on each monthly payment


  • #3
    viztopia
    Closed Accounts Posts: 770 ✭✭✭viztopia


    Might sound stupid but it is worth pointing out that the op must be registered for vat from the date they purchase the vehicle. It must be invoices to the business claiming back the vat eg limitited company and the van must be registered in that name. Also note if you have a trade in then vat will be payable on this.


  • #4
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    You must be Vat registered and the VAT is reclaimed in the VAT period that it falls due

    You will also be able to claim depreciation in your accounts for it


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