HOME / COMMUNITY Switch to knowledge base

On Flat rate VAT purchases over £2000


#1

I am new to this hello! In view of the future MTD I have signed up today. Currently on the flat rate so understand why purchases don’t show VAT but on asset purchases over £2000 that VAT doesn’t show either. So on a vehicle purchase of £20000 it should show £4000 that would then offset against the VAT you need to pay (which could result in HMRC owing me money for that quarter.


#2

Hi @MSC

At the bottom of the purchase invoice you should see an option for this to be included on the return:

If you tick this (“Allow VAT to be reclaimed on this purchase”), we’ll include it in the calculations for you.