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VAT planning / 2 posts found

Are you about to buy a second-hand commercial vehicle?

by mike tombs
in VAT
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When you buy a new commercial vehicle, you will pay 20% VAT on the purchase price and in most cases this VAT can be reclaimed. This assumes of course, that the motor trader selling you the vehicle is VAT registered. If you purchase a second-hand commercial vehicle there are three VAT options: The second-hand dealer is not registered for VAT and therefore, you will not be charged VAT. The second-hand dealer is registered for VAT and only charges you VAT on the profit he is making on the sale under the VAT margin scheme, in which case you will not [...]

VAT before and after Brexit

by mike tombs
in VAT
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Businesses that buy goods from the EU or export goods to the EU would be advised to read the recent guidance from HMRC that is published under the title: VAT for businesses if there is no Brexit deal The stated purpose of the document is reproduced below. The full text can be read online at https://www.gov.uk/government/publications/vat-for-businesses-if-theres-no-brexit-deal/vat-for-businesses-if-theres-no-brexit-deal The purpose of this notice is, in the event that the UK leaves the EU on 29 March 2019 with no agreement, to inform UK businesses of the implications for VAT rules for goods and services traded between the UK and EU member states. [...]