VAT Return query re insurance excess
Frankie1976
Registered Posts: 33 Regular contributor ⭐
in VAT
Hello,
I'm after some help please, I've got a query regarding insurance excess.
for example if the company I work for receive an invoice from a garage for repairs to a vehicle and the invoice is for the insurance excess plus the total VAT for the work carried out, could some tell me if the excess element is either Zero rated, exempt or standard rated? If exempt, should the excess amount be deducted from the purchases figure on the VAT return?
Many Thanks
Frankie
I'm after some help please, I've got a query regarding insurance excess.
for example if the company I work for receive an invoice from a garage for repairs to a vehicle and the invoice is for the insurance excess plus the total VAT for the work carried out, could some tell me if the excess element is either Zero rated, exempt or standard rated? If exempt, should the excess amount be deducted from the purchases figure on the VAT return?
Many Thanks
Frankie
0
Comments
-
Insurance is exempt from VAT, so the insurance excess should be entered as an expense with no VAT. It would still be entered in the purchases, but just no VAT. Does that make sense?0
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