MegaSack DRAW - This year's winner is user - rgwb
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Hi -
hmmm - just what you'd love to read on a saturday night
I'm selling my van/8seater bus and I purchased it 3 yrs ago and paid no VAT on it - since then, I became VAT registered and want to sell my Van - how does VAT work on a Van - is it already paid - or do I need to add VAT to the sale of this???
cheers
You say you paid no VAT on it when you purchased it. Is that because it was 2nd hand and you bought it privately? Or do you mean you did pay VAT but were not in a position to clam it back?
Best talk to your accountant; it may depend on what you've put through your books / claimed for against the vehicle.
I bought a 2nd hand van earlier this year and had to pay the VAT as I was the first private buyer.
If I sold the van, then the new owner would not need to pay any VAT as I have already paid it.
If you bought the van as a private individual, then I [i]think[/i] you should have paid the VAT.
I'd double check that you didn't pay the VAT when you bought it, or it might be the case that a private individual had previously owned it and already paid the VAT on it.
Balls, when buying used vans, the whole plus vat thing is just a con to ultimately make more money out of the sale.
I haven't paid vat on any van i've ever bought. My current van was 1 owner from new when I bought it.
A lot of Vans are sold to VAT registered people or companies from new and they reclaim the VAT on it.
It will then fall to the next owner/purchaser to pay the VAT, if they are also VAT registered then they will claim the VAT back themselves so it falls to the next one in the chain.
The first private / non VAT registered person who then buys the vehicle breaks this chain and should pay the VAT.
Thanks guys - still unsure.
I bought the van from a company that sell vans?? I was a private purchaser, and now the sole trader company owes the van. I want to sell it and am now VAT registered
I think I dont need to charge VAT - but would be good to get the final thumbs up if theres any VAT specialists out there>>
as a VAT registered company are you not obliged to charge VAT on all goods & services including the sale of assets?
if you sold it as a private individual then you would not have to charge VAT on the van sale.
if you paid the vat, it's paid. the next guy need not pay it ( though the sale price may reflect the difference ). whether or not you can claim the vat you paid back, now you're registered, is a matter for you and your accountant.
I think you have to add vat to any sale if your registered.
Best to ring the vat man/women and ask, there very good to talk to, honest 😆