Claiming VAT back on a new car.
Discussion
OK, my accountant is away for a couple of weeks so I thought I would ask the knowledgable PH collective the following.
I am looking at buying a new Range Rover that will not only be used as my own car but also as a tow vehicle for work. I am looking to pay a deposit out of the business funds and finance the rest through the business, will I be able to claim the VAT back on the cost of the car, including the extras (assuming I planned to pay 17.5% of the eventual sale price of the car, the VAT element, back to the HMRC)?
For what its worth I own a garage and the car would be used occasionally for collecting cars for us to carryout work on.
Would I also be right in thinking that the deposit and finance payments will notbe subject to taxation as they will be a business expence.
I am looking at buying a new Range Rover that will not only be used as my own car but also as a tow vehicle for work. I am looking to pay a deposit out of the business funds and finance the rest through the business, will I be able to claim the VAT back on the cost of the car, including the extras (assuming I planned to pay 17.5% of the eventual sale price of the car, the VAT element, back to the HMRC)?
For what its worth I own a garage and the car would be used occasionally for collecting cars for us to carryout work on.
Would I also be right in thinking that the deposit and finance payments will notbe subject to taxation as they will be a business expence.
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