Hi everyone,
I was wondering if anyone could tell me how vat works when selling on second hand van.
I purchased the van for 30000 plus vat a few years back. I got finance for the full amount through a finance company and they in turn paid the garage the 30000 plus vat. I reclaimed the vat on each payment i made until now. Now i am selling on the van. Now my question is: If i sell the van on for say 10000, is that 10000 inclusive of vat as i already paid vat on the whole amount or do i charge 10000 plus vat and pay the vat to revenue? I hope this makes some sort of sense
Any help would be much appreciated
I was wondering if anyone could tell me how vat works when selling on second hand van.
I purchased the van for 30000 plus vat a few years back. I got finance for the full amount through a finance company and they in turn paid the garage the 30000 plus vat. I reclaimed the vat on each payment i made until now. Now i am selling on the van. Now my question is: If i sell the van on for say 10000, is that 10000 inclusive of vat as i already paid vat on the whole amount or do i charge 10000 plus vat and pay the vat to revenue? I hope this makes some sort of sense
Any help would be much appreciated