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  • FIRST POST
    • Degmwilliams
    • By Degmwilliams 11th Jul 17, 9:33 PM
    • 1Posts
    • 0Thanks
    Degmwilliams
    Flat rate insurance claim
    • #1
    • 11th Jul 17, 9:33 PM
    Flat rate insurance claim 11th Jul 17 at 9:33 PM
    After buying a brand new Nissan navara some one decided to crash into the front bumper while in a car park. After getting a quote they want to claim off there insurance, tonight they rang me and asked if the truck had vat claimed when I bought it, which I said yes. They then asked if I was vat registered which I replied yes but I'm on the flat rate scheme. The lady then told me I would be liable for the vat on the cost of the repair bill for my vehicle. I said I don't think I am as there's no way for me to get that money back. I argued with her for 5 mins and she went back to her manager who said there's no way round it and I have to pay.
    I can't see how that is possible. That's like saying if I crash into a lorry and there's a £100000 claim then I would be liable for a £20000 vat bill which can't be reclaimed. Before you say it you can't claim back if it's over £2000 as it's not a capital expense. #angry
Page 1
    • Quentin
    • By Quentin 11th Jul 17, 10:07 PM
    • 32,726 Posts
    • 16,745 Thanks
    Quentin
    • #2
    • 11th Jul 17, 10:07 PM
    • #2
    • 11th Jul 17, 10:07 PM
    You will be able to reclaim it just as you reclaim the vat you pay on all your business purchases against the vat you collect


    It's the norm for vat registered claimants
    Last edited by Quentin; 11-07-2017 at 10:09 PM.
    • FlameCloud
    • By FlameCloud 11th Jul 17, 10:18 PM
    • 1,768 Posts
    • 827 Thanks
    FlameCloud
    • #3
    • 11th Jul 17, 10:18 PM
    • #3
    • 11th Jul 17, 10:18 PM
    You will be able to reclaim it just as you reclaim the vat you pay on all your business purchases against the vat you collect


    It's the norm for vat registered claimants
    Originally posted by Quentin
    On a flat rate scheme they cannot recover it against purchases (it is a admin saving method) other than specific capital expenditure. You will need to get your accountant to confirm in writing if they can recover under the capital allowances for recovery - and if not they will need to be paid the VAT.
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