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Buying a van

Hi

We are about to purchase two vans through ford on a PCP. And the are using the VAT payment as a deposit, how do I log that into QF so that we claim it back on our next return to help with cash flow?

Thanks.

Hi @Adam-prestige

Can I just clarify whether you’re purchasing through PCP or through Hire Purchase (HP)? Any further advice will depend on which one it is.

Hi

It’s through a PCP

Hi It’s through a PCP.

Hi @Adam-prestige

It may be best to double check this with an accountant just to be sure it’s recorded correctly, particularly because it’s a personal loan.

There is quite a bit more information needed in order to answer this. Are you a sole trader/partnership/limited company? Is the deposit being paid out of the business/company’s bank account? Are you on cash or standard VAT? Will the vans be used wholly and exclusively for business or will they be available for personal use?
You definitely need to speak to your accountant before you submit your next VAT return, and probably before you buy the vans, if that’s not too late.