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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15933
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I have recently started a used car sales company as a partnership,

Customer Question

I have recently started a used car sales company as a partnership, as an owner do I still have to pay income tax on top of my VAT BILL?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

If you aren't registered for VAT, your VAT charges will simply be an expense like any other expense. You will pay income tax and national insurance contributions on your share of the partnership profit. There are some notes on how VAT affects used car dealers here.

I hope this helps but let me know if you have any further questions.

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