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VAT ON Lease with private use

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › VAT ON Lease with private use

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by Tax Tutor.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • September 5, 2021 at 1:08 pm #634455
    riya24
    Member
    • Topics: 3
    • Replies: 7
    • ☆

    Hello sir. If a leased asset is used for private use, only 50% of VAT is deductible, right?

    But if the question provides the percentage of private use, like 75%, then how much VAT will be deductible?

    25% or 50% only?

    September 5, 2021 at 1:11 pm #634456
    riya24
    Member
    • Topics: 3
    • Replies: 7
    • ☆

    In a question of BPP, they deducted only 25% but in ACCA technical article where they have mentioned the private usage of 70%, they HAVE STILL DEDUCTED ONLY 50%.please tell me about the same..

    AND I AM SORRY. IN PLACE OF DEDUCTED, I MEAN TO SAY ALLOWABLE INPUT VAT.

    September 8, 2021 at 11:18 am #634860
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    The 50% rule ONLY applies to leased motor cars – is the example you refer to a different asset where the restriction would be based on the actual business / private proportions

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