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Motor Accident Claim and VAT position


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Hopefully this will not be as shocking to you as it has been to me.

 

My husband has commercial insurance for his van (small business). We recently made an accident claim. Did you know that if, as a business, you are VAT registered, you are responsible for paying the VAT on the repairs in addition to your excess amount. We didn't until know. In our case we have to find another £700.00 (estimate at the moment) on top of the excess before we can get the van back from the garage. Of course we can claim this back in our next VAT return but unfortunately, this won't be until October. Insurance companies are VAT exempt and this is their way of getting the tax man to pay part of the bill. Fair you might think, just not for us. Be warned.

YummyNanny

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Hopefully this will not be as shocking to you as it has been to me.

 

My husband has commercial insurance for his van (small business). We recently made an accident claim. Did you know that if, as a business, you are VAT registered, you are responsible for paying the VAT on the repairs in addition to your excess amount. We didn't until know. In our case we have to find another £700.00 (estimate at the moment) on top of the excess before we can get the van back from the garage. Of course we can claim this back in our next VAT return but unfortunately, this won't be until October. Insurance companies are VAT exempt and this is their way of getting the tax man to pay part of the bill. Fair you might think, just not for us. Be warned.

 

Contact your local vat man as they can allow you to recover the vat without having to wait until your next return is due

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Thanks JonCris I did think about that once the shock had died down. Shock and panic because the van will be ready just at the same time as the tax man cometh and the VAT for the last quarter is due (end July) so that's a bit more money to find. Not whinging just warning.

YummyNanny

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