Need to charge VAT on sale of van?? Not claimed on purchase

Posted by HeavyMetalMike PM | on Fri, 22/02/2013 - 14:30 713 8 comments | report

It's so easy so please confirm a schoolboy question.

Client - a mechanic - purchased a van from a private individual, so not VAT charged/claimed.

Van now up for sale.

I told my client that VAT will need to be accounted for out of his sale proceeds / he'll need to charge VAT on sale. I can't see any reason not to can you??

I don't suppose he can use 2nd hand margin scheme for one transaction??

Thanks

Comments

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Selling a standard rate item

tugwilson | Fri, 22/02/2013 - 14:41

Margin Scheme

Cloudcounter | Fri, 22/02/2013 - 14:53

surely he is selling at a loss.

Glennzy | Fri, 22/02/2013 - 15:01

Margin scheme

tugwilson | Fri, 22/02/2013 - 15:11

.

BKD | Fri, 22/02/2013 - 15:12

Margin Scheme yes or no

leshoward | Fri, 22/02/2013 - 15:45

Beware the minefield

pawncob | Fri, 22/02/2013 - 17:06

Well said Pawncob.

Glennzy | Sat, 23/02/2013 - 15:34