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Where Taxpayers and Advisers Meet

used motorcycles

fox
Posts:2
Joined:Wed Aug 06, 2008 3:03 pm

Postby fox » Wed Jun 11, 2003 4:10 pm

a simple (and hopefully clear) question.

Is VAt chargeable/payable on the sale of used motorcycles?

Ian McTernan CTA
Posts:1232
Joined:Wed Aug 06, 2008 3:02 pm
Location:Bedford
Contact:

Postby Ian McTernan CTA » Fri Jun 13, 2003 4:38 am

Not clear- is this a one-off, are you a trader, is it in the UK, etc.

Suggest you call the Customs & Excise helpline (don't have the number here as I'm at home) and they should be able to advise once given the full facts.

Regards.

Ian McTernan CTA
McTernan Associates Ltd
ian@imcternan.com
McTernan Associates Ltd
Chartered Tax Advisers
Bedford
Email through link on website:
http://www.imcternan.com

fox
Posts:2
Joined:Wed Aug 06, 2008 3:03 pm

Postby fox » Fri Jun 13, 2003 11:21 am

thanks for your comments.
yes i am a (new) trader based in the UK. I plan to trade approximately 4-8 motorcycles each month.

i will contact Customs and Excise as you suggest but in the meantime any comments are welcome

paultaylor@vatease.c
Posts:397
Joined:Wed Aug 06, 2008 3:02 pm

Postby paultaylor@vatease.c » Mon Jun 16, 2003 12:09 am

Fox,

Simple answer: Yes VAT is due on the sale of motorcycles if you are registered for VAT.

More in depth answer: Motorcycles bought from persons not required to charge VAT on the sale (private individuals etc...) will be eligible for sale under the second hand scheme. VAT need only be declared on the profit you make on each individual bike. No profit - No VAT. There are several record keeping requirements to the operation of the scheme which are clearly detailed in the Second Hand Scheme leaflet available from HM C&E.

Regards,

Paul Taylor
http://www.vatease.co.uk/


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