Vehicle purchase and claiming VAT straight away

Hi
Ive just purchased a new vehicle and down payment of half. and then monthly figures which I enter in code 2310.

Just wondering how you enter on QF - and claiming the vat back straight away

Unsure how to enter ie make a purchase or enter onto the accounts stamens new transaction.

Bit stuck on how to enter figures

Total of vehicle is 25331.80 inc vat
down payment of 12500.00
accessories 515.67 vatable
road tax 275.00 non vatable

VAT to claim back will be 4176.13

Can anyone help please :slight_smile:

I’m no expert but this was posted the other day. Not sure if it helps?

Hi I’ve tried to understand this but it’s abit confusing as I’m not an accountant - I need a clearer step by step guide.

I’ve purchased a vehicle
Want to pay the vat of in my next quarter all at once
I’ve put a deposit down
I have the HP amount left to pay

I need to know how to enter it all on QF

Many thanks

Hi @Claireabell

Are you on Cash or Accrual accounting?

If you are on Accrual accounting then once you’ve entered the invoice for the full vehicle amount this will be picked up on your VAT return

Hi

How do I enter on QF please ?

If someone can help me please

Thanks

Search for “vat only” invoice for the first part, rest of it depends exactly how you want to do it, again there’s a few posts on repaying a loan or specific ones for vehicle finance that you could use as a guide. Most of it will come down to how you want to allocate the interest.

Hi

Thanks for replying - I am cash accounting? I’m still stuck and getting frustrated.

Im lost on how to enter

Hi @Claireabell

If you are cash accounting then the VAT return will look at the payment - you’ll need to show the invoice as being paid for this to show in your VAT return.

It may be best to speak with an accountant to make sure that you are doing everything correctly. You may just need to make a manual adjustment to your next return - but this is something that your accountant can advise on

Ok - I thought I may have to do this by asking my accountant - Trying to enter several ways - cause I know ive got to enter the vehicle as asset and may even enter new nominal code for the HP payments to go against…just not sure how to do.

Thanks for your time.

If you have to do this then you’ve done something wrong.

Hi

Have you any ideas on how to enter these figures?

Many thanks - I have just emailed my accountant which I didn’t want to do!!!

Which bit specifically are you needing help with? You seem to have all the relevant info, what items contain VAT etc. There are some links to other threads which explain most of the steps so how far have you got, which bit are you stuck on?

Hi Thanks for the reply mush appreciate your time .

Im no accountant - and new to entering these items on QF…

I really need a step by step on entering the purchase - walk through on all the below
Total of vehicle is 25331.80 inc vat
down payment of 12500.00 - included is 100.00 deposit already posted to asset nominal -
accessories 515.67 vatable
road tax 275.00 non vatable

VAT to claim back will be 4176.13

Also got the HP payments a month eg 200.00

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