Hello all,
Struggling greatly with a VAT issue on commercial vehicle used only for private use- I am not a business owner nor therefore vat registered:
I am a private owner of an L200 pickup truck (commercial vehicle)
I purchased the vehicle about 2 years ago
The vehicle had previously been owned by a company and therefore, I assume, claimed the VAT paid on the from new vehicle
I paid VAT on my purchase and have no facility to claim it back. Vat paid
I now wish to sell or trade in my vehicle with a dealer
Market value (cars being advertised with similar spec at) 9k or 7200+vat for e.g.
Some claiming 'VAT paid' (e.g. The 9k ones)
How does the dealer calculate the price of my car in the price he offers to me?
Is my 'VAT paid'? Meaning he can try to achieve the market value of 9k or will he need to add and pay vat on the value as well?
Essentially he is offering me a low value as trade in stating he is only going to achieve the 7200 and needs to pay the vat
My point is the VAT on the vehicle is 'paid' therefore he can endeavour to achieve the 9k valuation
If I am wrong (and I may well be)...how would the scenario differ if I was bringing the vehicle along as a commercial seller having never paid the vat...
I hope this make some sense
Thanks
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