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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4425
Experience:  FCCA FCMA CGMA ACIS
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Registered. I bought a tractor which there was no VAT on.

Resolved Question:

Hi there, I am VAT registered. I bought a tractor which there was no VAT on. When I sold it on again, I sold it no VAT. My acc. says I should have charged VAT. Can you help resolve this issue please as it has cost me quite a bit of money.
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
can I add it was a private buy and private sale
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one iof the experts on Just Answer, and pleased to be able to help you with your question.

Your accountant is correct as far as business accounting is concerned. You have sold an item of business plant and machinery and irrespective of whether it was bought with VAT or not the sale is subject to VAT and you will have to top slice your selling price to account for this.

However, if the purchase and sale was an entirely private transaction outwith your business then VAT will not apply at all.

I am so sorry to have to rain of your parade.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.

Thank you for your support.