Q:
I am filling in first vat return since registering.I have a loan on a van. How do I work out the vat so far paid and claim it back. Cheers Dean.
A:
I assume you mean VAT on the van purchase? VAT isn’t charged on loan interest.
As far as the van is concerned, you can only claim the VAT back if you’ve got a proper VAT invoice from the supplier which will show the VAT amount on it. If you’ve bought the van from someone who isn’t registered for VAT, they won’t have charged you VAT on it. So have a look for the invoice and that should show you the VAT amount.
Hope that helps. God luck with the rest of your first return!
Marie