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October 25, 2020
Question

Hi, I am on the flat rate scheme and I need to claim back the vat from the purchase of a new van. How can I do this

  • October 25, 2020
  • 1 reply
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1 reply

MichelleBh
October 25, 2020

Hi there, @chris217.

 

Let me explain to you further about claiming back a VAT for a vehicle using the Flat Rate Scheme (FRS) in QuickBooks Online. 

 

The FRS is already a discounted rate when you purchase a new vehicle. You can only claim the VAT amount if the capital of your van is above £2000. 

 

Here's how to claim it: 

 

  1. Go to the Plus icon at the top. 
  2. Choose Expense under Vendor
  3. Complete the needed information. 
  4. Put a check-mark in the VAT Reclaimable box on the expense page. 
  5. Hit Save and close

 

By putting a check-mark on the VAT reclaimable, the amount will post to box 4 of your VAT reclaimed on purchases on your return. 

 

 

However, if the principal is below £2000, you're unable to claim it. For more details, check out this article: UK Flat Rate Scheme: How does it work?. Directly go to the bottom part. 

 

I'm also adding here some links that you can check out about modifying items and submitting a return in QuickBooks Online for your reference:

 

 

 Keep me posted if you have any other QuickBooks questions. I'm glad to help. Keeps safe!