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The Book-keepers Forum -> VAT, Payroll & Tax -> VAT on sale of a company vehicle
Post Info TOPIC: VAT on sale of a company vehicle
Mary-Anne


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Posts: 7
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VAT on sale of a company vehicle
 

Hi Everyone,

Can someone please help me?

If a VAT registered company sells one of their company vehicles privately do they still have to add on VAT?

Regards

Mary-Anne smile



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Shamus


Forum Moderator & Expert

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There is no such thing as selling privately.

The vehicle belongs to the business so it's sale is a business sale regardless as to who it is sold to.

The VAT status of the putrchaser is of no concern to the seller who must account for the VAT on the sale.

kind regards,

Shaun.

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Answers given are for outline only and formal advice should be sought from a suitably qualified Accountant.

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YLB-HO


Guru

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Hi Mary-Anne,

If the company reclaimed the VAT when they purchased the vehicle, then they should charge VAT when they sell the vehicle.

If a company Vehicle has any private use then claiming back the VAT on purchase would not have been allowable in the first place and then the vehicle should be sold VAT free.

When dealing with VAT only the "end user" pays the VAT. When VAT can no longer be reclaimed, then you have found the end user.

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Frauke (FFA FIAB FFTA)

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BKN Book-keeper of the year 2011
Mary-Anne


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Status: Offline
Posts: 7
Date:
 

Thank you to you both for such speedy responses!!

This forum is brilliant.

Regards

M-A

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