Purchase of asset on finance

[Darren_Smith]

Hi,

It sounds like you would like to create a VAT-only purchase invoice for the up-front payment, followed by regular purchase invoices for the remaining payments.

Forum member @ian_roberts explains how to create a VAT only invoice in one of his posts. His example might help you:

You could swap out the £2,440 from the example and replace it with the price of the tractor to show VAT payable. Then deduct the price of the tractor in the line below, as in the example.

The full forum post is at this link:

Claiming VAT Element of Insurance claim

How do I handle a VAT Only Invoice? It is a VAT invoice from the garage where the vehicle was repaired. No other part was involved with the claim. I have followed the instructions I found on the forum, (that was for import tax) but when I come to do the return it is not recognising the VAT, which is £488.00. I spoke with the VAT office, they told me to read Public Notice 701/36, this document seems to be for Insurers and not the customer. Any help would be appreciated. I did ask Santa but he sai…

Hope this helps