VAT on selling used commercial vehicle

[monstie]

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

 

[jack2009]

sell the van for as much as you can and 21 percent of that will be vat inclusive.

 

[nolo77]

sell the van for as much as you can and 21 percent of that will be vat inclusive.

.

Jack2009 is correct. Whatever you get for it will be inclusive of 21% VAT

 

[Joe_90]

Hi everyone,

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?

If you recovered the VAT on each payment you have a lease with the finance company.
Have you finished paying the lease?
If so have you settled the lease or entered into a secondary leasing period?
If you are as a VAT registered business selling the van to another VAT registered business and the value of the van is €10,000, then the VAT is added to this amount as the VAT is not a cost to the purchaser.