The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Vat on Car sale
Post Info TOPIC: Vat on Car sale
sage123


Veteran Member

Status: Offline
Posts: 43
Date:
Vat on Car sale
Permalink Closed

Dear All

 

We are a Vat registered take away business. 7 years back director had sold a car to the business for £5k and we didnt claim vat on it. Right now, the car is going to be sold to an individual for £1.5k which is a loss. Am i correct in assuming, we don't have to charge vat on sale as its under Vat Margin Scheme and no need to provide a Vat invoice? 

 

Thanks very much for reading. 



__________________
Raj
Peaman


Veteran Member

Status: Offline
Posts: 58
Date:
Permalink Closed

VAT is not payable on cars, apart from a few exceptions which I won't bore you with.

So, there is no need to charge VAT on the sale of the car.

__________________

Richard 
leshoward


Senior Member

Status: Offline
Posts: 292
Date:
Permalink Closed

Check out the more technical discussion here: www.accountingweb.co.uk/anyanswers/question/govuk-errors-re-vat-sale-cars
(Is it the same car?)

__________________
sage123


Veteran Member

Status: Offline
Posts: 43
Date:
Permalink Closed

Thats great, thanks



__________________
Raj
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> VAT, Payroll & Tax -> Vat on Car sale
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About