We have purchased a new van in December. We paid £10k deposit and the total van price VAT which was £8k.
When I try and tag this on quickfiles it try’s to do 20% of £18k total, I can’t seem to find an option to change the VAT value.
I need to submit this VAT return ASAP so would appreciate a quick response.
Thank you, Beth
What is the actual cost of the van, is it 40k + vat?
Hi,
Van total is £41’165 + VAT.
VAT total @ 20% £8164
Amount paid £18164 (£10’000 deposit + the full VAT amount of £8164)
The outstanding amounts are being paid monthly.
When I tag to amount paid it just does VAT as 20% of £18164 not the total £41165.
Thank you for your help with this.
Kind Regards
Beth
if vat is 8164 then your van’s net cost should be 40,820 that means you have 345 worth of exp at zero vat? plz double-check your van price based on I guess Hire purchase.
You need to book an invoice for the van at the original net price + vat, any associated admin charges also become part of the van cost. Then record 18164 as bank payment and allocate it to this van invoice. Then create a bank account on QF in name of the lease company and record a transaction of the original gross van cost less 18164 and tag that to van invoice, this should leave the invoice as fully paid and the new lease company a/c as liability, moving on from next month payments from main bank a/c to lease company, just tag it to new lease company bank a/c as an interbank transfer.
This should put vat in your vat return now and give you the correct HP liability outstanding every month
This topic was automatically closed after 7 days. New replies are no longer allowed.