We have a newly registered business and we purchased a delivery vehicle in our personal capacity for the business. The vehicle is registered in the business name but the transaction did not go through ur bank account at the time it was purchased.
My question, from an accounting point of view - how do we go about claiming the VAT back on this transaction?
More often than not, when the vehicle is purchased the money is paid by the finance company directly to the seller of the vehicle. The issue is not which bank account the money went through - it is about the details on the Tax Invoice. (And that the vehicle definitely qualifies, but that is another discussion...)Originally Posted by Mich_Cummins
Make sure you have a Tax Invoice that meets the requirements in order to make an Input VAT claim. Specifically, that it has the name of the name of the purchasing VAT Vendor and the purchasing VAT Vendor's VAT Registration number on the Tax Invoice.
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