FAQs and Glossary
A VAT schedule (also known as a Period VAT invoice) allows Porsche Financial Services (“Us”) to provide our customers (“You”) a single document showing all the payments due for up to 12 months, instead of sending You 12 individual monthly invoices. It shows all the details required for a VAT invoice.
Yes. The schedule shows the due date for each payment and each due date triggers the creation of a “tax point”. You can recover the VAT charged as each due date/tax point is reached.
If the VAT rate changes during the period covered by your VAT schedule, the amounts shown as payable after the rate change will be incorrect. Additionally the VAT schedule in your possession ceases to be evidence to support VAT recovery on the date of the rate change. Instead, we will send you an updated VAT schedule for any payments still due in the period covered by the original schedule. The new schedule will show the new VAT rate and revised total rental payable.
We suggest that you should contact your usual HMRC contact, your tax advisers, or the HMRC National Advisory Service on 0845 010 9000.
Generally speaking, if you lease a qualifying car (code Q on your VAT schedule), you will normally only be able to recover 50% of the VAT charged on the rental, subject to the usual VAT recovery rules.
In certain circumstances you may be able to recover the remaining 50% of the VAT charged. You can find out more detail about how much VAT you can recover in HMRC Notices 700 and 706.
Ultimately how much of the VAT charged on the leasing schedule which is recovered is your decision.