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Vat question

  • 30-10-2018 5:28pm
    #1
    pepsimike
    Registered Users Posts: 15 ✭


    I'm self employed and I just bought a second hand van 151 including vat in the purchase price and i was wondering can i claim back the vat amount on it
    My accountant said i cannot but other people say I can, anyone have experience of this
    Mike


Comments

  • #2
    spoiler
    Registered Users, Registered Users 2 Posts: 38 ✭spoiler


    Only if you are VAT registered maybe that's why your accountant said you can't.


  • #3
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    Even if you are VAT registered some vans, depending on their history and the dealer may be sold under what's called the "margin scheme" and in that case the dealer can't give you a VAT invoice to reclaim the full VAT as they've only paid VAT on their margin not the full van cost.


  • #4
    LFC1990
    Registered Users Posts: 11 ✭LFC1990


    You should be able to, if VAT registered.
    The margin scheme isn't compulsory. The dealer can choose to charge full VAT if he/she wishes bearing in mind the customers vat recovery position.


  • #5
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    LFC1990 wrote: »
    You should be able to, if VAT registered.
    The margin scheme isn't compulsory. The dealer can choose to charge full VAT if he/she wishes bearing in mind the customers vat recovery position.

    It’s not compulsory but unless the dealer has a purchase VAT invoice for the van from a VAT registered trader-in they’re going to go margin scheme as they would do with cars.

    What needs clarifying is whether the OP is VAT registered to start with (wasn’t clear in original post) and if not that’s the end of the matter. If they are VAT registered then has the garage charged full VAT and not a margin sale.


  • #6
    pepsimike
    Registered Users Posts: 15 ✭pepsimike


    Stratvs wrote: »
    It’s not compulsory but unless the dealer has a purchase VAT invoice for the van from a VAT registered trader-in they’re going to go margin scheme as they would do with cars.

    What needs clarifying is whether the OP is VAT registered to start with (wasn’t clear in original post) and if not that’s the end of the matter. If they are VAT registered then has the garage charged full VAT and not a margin sale.

    The garages has charged full vat, i am vat registered so i presume i should be able to claim it back


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  • #7
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    pepsimike wrote: »
    The garages has charged full vat, i am vat registered so i presume i should be able to claim it back

    I would think so. There may be a question of restriction on the overall percentage for personal use of the vehicle where it is your sole/main vehicle for business and personal use but that’s something your accountant would thrash out with you.


  • #8
    spoiler
    Registered Users, Registered Users 2 Posts: 38 ✭spoiler


    I would go back to the accountant and get clarity as to why you can't reclaim the VAT. It seems strange you should be able to once it is a Van ie not a car/van or a Jeep but from reading it I take it is a proper van.


  • #9
    pepsimike
    Registered Users Posts: 15 ✭pepsimike


    spoiler wrote: »
    I would go back to the accountant and get clarity as to why you can't reclaim the VAT. It seems strange you should be able to once it is a Van ie not a car/van or a Jeep but from reading it I take it is a proper van.

    Im going to go back to my accountant and thrash it out everyone seems to be saying i should be able to claim back the vat not just on here
    Thanks everyone for your help


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