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Post Info TOPIC: Vat margin scheme - vans
Cheshire


Master Book-keeper

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Vat margin scheme - vans
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Hi 

Just want to double check my understanding that a second hand vehicle dealer can sell commercial vehicles as well as cars under the second hand margin scheme.

 

 



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
abacus12345


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As far as I remember, that is correct. I believe the vehicle can not be imported or a certain category insurance job -

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abacus12345


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Vat 718/1 and Vat act section 50A :)

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Johnny  - Owner of an overly-active keyboard. 

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leshoward


Senior Member

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Correct. The eligibility tests do not exclude any types of vehicle. The key is that they are second hand, and VAT I not charged by the person you are buying from, or imported, as above.

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Cheshire


Master Book-keeper

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Thanks boys - I thought that was the case. Had checked out the VAT guide but for some reason started to wonder if I had missed something (as usual, on the back of something somebody was mentioning to me), so just wanted a sanity check.

All appropriate systems are now in place on the cars side so its just a shoe in for the commercials.

Thanks again

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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