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V.A.T

  • 24-09-2008 9:22pm
    #1
    mrfamilyguy
    Closed Accounts Posts: 68 ✭✭


    Hey peeps,

    bought a nissan navara about 6 months back, it was bought in the uk and as i own a vat registered business here in the republic i didnt pay VAT.

    my question is what do i have to do when im selling it on.


    do i have to charge vat?

    or

    do i not???


Comments

  • #2
    v10
    Registered Users, Registered Users 2 Posts: 1,857 ✭✭✭v10


    As far as I know you would be expected to sell it for whatever amount plus VAT and pass the VAT part on to the revenue ...

    You would just provide a VAT invoice from your company and pay the VAT in your next VAT return


  • #3
    thetyreman
    Banned (with Prison Access) Posts: 451 ✭✭thetyreman


    v10 wrote: »
    As far as I know you would be expected to sell it for whatever amount plus VAT and pass the VAT part on to the revenue ...

    You would just provide a VAT invoice from your company and pay the VAT in your next VAT return


    PLUS 1. But ask your accountant to be sure


  • #4
    mickdw
    Registered Users, Registered Users 2 Posts: 23,431 ✭✭✭✭mickdw


    Yes as above so the only saving being made by being VAT regd is on the difference between purchase price and sale price, i.e. you will gain by the VAT percentage of the difference between purchase and sale price.

    It has been known for people to sell on a vehicle to a private individual and not return the VAT but this is a no no. Its so easy to trace a vehicle that its daft to even try to make the excuse of it was past its service life and sold for pennies.
    So overall, its not as great an advantage as some people think although a good saving to be made if the vehicle is kept until its not worth alot and so you would have saved all the VAT. There may be a law where it is considered to have served its useful life at 5 years or something like that so accountant would be a good bet


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