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Help with VAT on UK CAR TRADERS Vehicles?
21st March 2007
CunningPlan asked:
Heres a scenario… Lets call the firm “Re-Cars”
Heres a scenario… Lets call the firm “Re-Cars”
“Re-Cars” are based in the UK and specialise in the restoration of classic cars. The cars are sourced in the UK and a purchased cheaply from a PRIVATE individual, ((where recipts do not show vat)) The company also purchases lots of materials and tools to restore the cars ((recipts show VAT))..
The vehicles sell from the forecourt.
The Company sells ALOT of cars, so much so the TURNOVER is in excess of £150,000 per year, so the company is forced in to bieng VAT Registered.. Hurray…
Now the tricky bit… Because the company is VAT Registered.. Do the Cars Sales invoices have to show the VAT?
Fabian
Posted in: Cars | | Comments (1)
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No the invoices do not have to show VAT.
The used car scheme makes it illegal to show VAT on a used car invoice unless the vehicle is of a type not commonly used as a private vehicle. eg Taxi.
However you will have to account for VAT under the scheme in the usuaul way.
Comment by Onestep downfrom God — March 22, 2007 @ 9:21 pm