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Vat On Secondhand Goods
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Is V.A.T. payable on secondhand goods ?
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Depends what you mean.
If a VAT-registered trader sells a second-hand item that he has bought from a private seller (non-Vat registered), he is obliged to charge VAT on the marginal difference between selling price and buying cost.
It's all explained here.
http://
If a VAT-registered trader sells a second-hand item that he has bought from a private seller (non-Vat registered), he is obliged to charge VAT on the marginal difference between selling price and buying cost.
It's all explained here.
http://
Yes, buildersmate is, as usual, right.
VAT is payable on any goods sold by a VAT registered trader that are vatable. The amount of owners and the age of the item in question are irrelevant. A book is vat free and so remains vat free no matter how many owners it has had. A car though has VAT charged on it no matter how often it is traded back in and re-sold by the same garage.
VAT is payable on any goods sold by a VAT registered trader that are vatable. The amount of owners and the age of the item in question are irrelevant. A book is vat free and so remains vat free no matter how many owners it has had. A car though has VAT charged on it no matter how often it is traded back in and re-sold by the same garage.
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