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Selling a piece of equipment.... charge vat or not?


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22 hours ago, Mick Dempsey said:

If you are VAT registered and you sell an item you must charge VAT.

 

I did as you hope to with a chipper, ended up paying the vat out of my own pocket afterwards.

this is 100% incorrect.

 

if you  have been charged VAT on the original purchase of the equipment then you'll have to charge VAT on any subsequent sale. 

If you're selling second hand equipment you bought previously, then no VAT is charged on the sale. However, VAT will be due on the margin if you sell it at a profit. 

 

Dont be caught up with VAT fraud, HMRC have more power than the rozzers.

Edited by donnk
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2 minutes ago, donnk said:

this is 100% incorrect.

 

if you  have been charged VAT on the original purchase of the equipment then you'll have to charge VAT on any subsequent sale. 

If you're selling second hand equipment you bought previously, then no VAT is charged on the sale. However, VAT will be due on the margin if you sell it at a profit. 

Not 100% 

I did end up paying the VAT out of my own pocket!

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