I have a client who is wanting to buy an electric car on PCP for the business and it will include personal use.
He has paid a deposit and will be making monthly payments with a balance balloon payment at the end or return of the car.
The purchase invoice shows the VAT, there is no monthly payment statement available, just the number of PCP payments and the monthly cost is shown. It is shown as Q3 4.9% PCP 48 x 480.44 GFV £20,731 10k miles per annum.
Would appreciate if you could please confirm whether all / 50% or no VAT is reclaimable ! If there is do I claim all at the beginning or part on deposit and then on monthly payments ?
Edited at 02 Oct 2023 04:15 PM GMT