How quickly can I re-claim the VAT that I lay out when I buy a tractor unit?
Harry Monk:
How quickly can I re-claim the VAT that I lay out when I buy a tractor unit?
To the best of my knowledge it will have to go on your first quarterly VAT return, I do remember some dealers a few years ago offering VAT deferement deals, I don’t know how that worked but id did mean that you didn’t have to actually ‘fork out’ the VAT up front but I’ve not heard of it since.
Ross.
Harry Monk:
How quickly can I re-claim the VAT that I lay out when I buy a tractor unit?
Claimed mine back on first quarter, received cheque within a few days of submitting.
First quarter so about four months from getting you vat registration through.
Just sorting my first one this evening my first vat quarter ends 29/02/12 and has to be submitted by 07/04/12.
the only people who still do vat deferal are yorkshire bank i think, lombards used too but stopped it a couple of years ago, shame as it was a handy way of doing things
kr79:
First quarter so about four months from getting you vat registration through.
Just sorting my first one this evening my first vat quarter ends 29/02/12 and has to be submitted by 07/04/12.
not doubting your accounting skills but mine always has to be submitted by the last day of the month after the quarter, but its then collected from the bank on the 7th of the next month
You are quite correct sir my mistake 
harry just a note if you are/are not registered yet. as from 12/04/2012 you must have registered to do your vat online as no paper
returns will be issued or accepted after that date. your first quarter will end 3 months after your date of first registration for vat. so you will be able to claim it back then.
weewulliewinkie:
harry just a note if you are/are not registered yet. as from 12/04/2012 you must have registered to do your vat online as no paper
returns will be issued or accepted after that date. your first quarter will end 3 months after your date of first registration for vat. so you will be able to claim it back then.
Harry, make sure you register for VAT under cash accounting. Its much simpler, your only pay the vat on what you’ve been paid, not what you’ve invoiced and are awaiting payment. regards Kevmac47
apologies if am wrong i dont do my vat that way, but dos,nt that mean you get hit with a larger bill at a later date ?
kr79:
You are quite correct sir my mistake
just didnt want you messing your 1st one up 
weewulliewinkie:
apologies if am wrong i dont do my vat that way, but dos,nt that mean you get hit with a larger bill at a later date ?
Surely it won’t make any difference, it’s only when you pay that changes, what you pay is a simple equasion and fixed.
Ross.
chaversdad:
kr79:
First quarter so about four months from getting you vat registration through.
Just sorting my first one this evening my first vat quarter ends 29/02/12 and has to be submitted by 07/04/12.not doubting your accounting skills but mine always has to be submitted by the last day of the month after the quarter, but its then collected from the bank on the 7th of the next month
If you file on line you are allowed an extra 7 days and payment is taken on the 11th of the next month.Cash accounting has been the best for me and don’t even consider the industry averaging schemes that supposedly make life simpler.
i do my vat online and when i got my final paper reminder last quarter it specifically said my return had to be submitted by the 31/12/11
then when i submitted it online it said this amount will be debited from your account on the 7th January 2012
chaversdad:
i do my vat online and when i got my final paper reminder last quarter it specifically said my return had to be submitted by the 31/12/11
then when i submitted it online it said this amount will be debited from your account on the 7th January 2012
"Online returns
If you submit your return online, you must pay electronically. You get seven extra calendar days to submit your online return and up to seven extra calendar days to pay any VAT due electronically. This deadline (including the extra seven days) is shown on-screen."
From the following link hmrc.gov.uk/vat/managing/ret … ines.htm#1
From what you say you have not yet filed on line, when you do the deadlines are as above.
Sorry just reread your post but I think the deadline remained unchanged because of the paper reminder.
Harry Monk:
How quickly can I re-claim the VAT that I lay out when I buy a tractor unit?
Hi Harry
If you register for VAT asap your VAT quarter can start , if you then wait a few weeks before buying your truck this will reduce the time you have to wait before filing your first return and so also how long you have to wait for your rebate.
All returns will have to be done online but is easy enough to follow and rebates are usually in your bank within a week or so of you filing your return.
You do not have to start trading to complete your VAT registration as you could be preparing the business to start etc.
Which accounting method you use depends on how you are trading for some the cash accounting system is best for others the flat rate scheme can have its advantages.
eg Customer UK or Euro based and you work UK and Europe then cash accounting.
Customer UK based but you work in Europe (Ie buying fuel only in europe) then Flat rate may be advantageous.
annitram:
Harry Monk:
How quickly can I re-claim the VAT that I lay out when I buy a tractor unit?Hi Harry
If you register for VAT asap your VAT quarter can start , if you then wait a few weeks before buying your truck this will reduce the time you have to wait before filing your first return and so also how long you have to wait for your rebate.
^^^^^+1
Get registered for VAT, then purchase the truck towards the end of a quarter, as long as money can be shown leaving the account and the invoice is dated both in the correct quarter, it can be added to the return and reclaimed within a couple of weeks.
Another option is to purchase on a lease hire agreement, the VAT is then added to monthly payments rather than a lump sum due up front like HP.
Thank you for that, that is what I was wondering. I will start that way then, register for VAT this month and buy a vehicle towards the end of the quarter.
Harry Monk:
Thank you for that, that is what I was wondering. I will start that way then, register for VAT this month and buy a vehicle towards the end of the quarter.
the last day is usually a good one, or you could buy it a couple of weeks into a new quarter with a backdated invoice
tell the supplier it’s for export. no messing about with vat, and things like that.
but you could go to your local tax office, (not on the phone) and explain that you will need a rebate as soon as you have purchased the vehicle. they will sort it out.