Claiming VAT on cars is the title of this week’s video. So if you’re buying a car, it can be difficult to know what the rules are around VAT. Moreover, can you reclaim the VAT ?
Above all are you struggling to recover VAT on your car purchase? If you’re like most business owners, then the answer is probably yes.
In this week’s video, I’m going to explain how you can reclaim the VAT money back !
You’ll learn about
- what a car is for tax purposes
- how much evidence we need; and
- finally what steps should be taken next
It doesn’t have to be difficult – So sit down with a cup of tea or coffee and watch today’s episode now!
What a car is for VAT purposes
Most importantly the rules around what a car is for VAT purposes are complicated.
The table below summarises the main features , click here to dig deeper
| Definition of a car | |
|---|---|
| Any motor vehicle | |
| Used on public roads | |
| More than 3 wheels | |
| Built to carry people, not goods | |
| Payload less than 1 tonne | |
| Less than 3 tonnes unladen weight | |
| Can carry between 1 and 12 people | |
HMRC will deny the recovery of VAT if they don’t think it was used exclusively for business purposes. And that means you need evidence to back up your claim.
Conclusion
Moreover, talking about Claiming VAT on cars is part of my mission is to inform, inspire and educate you to get closer to your numbers. Above all you can improve your financial understanding and well-being , make more profit, save tax and time, and your money mindset. How wonderful is that?
Get in touch with us to get support with your VAT obligations. We are here to make your life easier and stress free.
Contact us if you need help figuring out and sorting your financial planning, your tax , payroll and other accounting and business matters. For more business and finance , news, advice and tips, don’t forget to subscribe and watch our weekly videos on I Hate Numbers, listen to our weekly podcast I Hate Numbers.