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Company Jeep -> Personal ownership - VAT ?

  • 01-11-2006 1:49pm
    #1
    deadl0ck
    Registered Users, Registered Users 2 Posts: 4,196 ✭✭✭


    Hi all,
    I have a COmmercial Jeep that was a lease by my company. The lease has been paid up and the company now owns the jeep.

    I'm winding down the company, and the Jeep will be part of my redundancy.

    The Jeep will then be owned by me as a private person. Does this mean I won't have a VAT receipt for the Jeep ?

    The reason I ask is that I'm goign to trade it in against a car (no need for the Jeep) but I'm wondering what's the best way to go about doing this ??

    Basically, If I don't have a VAT receipt, I'll get less value for the Jeep on a trade in. Is it possible for me to get a VAT receipt ??? My accountant says no, but I don't really understand the workings on this.

    Any advice would be appreciated ?


Comments

  • #2
    ThomasH
    Closed Accounts Posts: 231 ✭✭ThomasH


    Hi deadl0ck

    I don't know your circumstances around the lease agreement but if you want to trade your jeep in against a car at any dealer then the dealer will determine how much they are willing to pay you for the jeep. You won't get less if you can't provide a VAT receipt. The dealer will have to look after the VAT so even if you can provide one it will make no difference to them they will still offer you the same amount. I don't believe you can get a VAT receipt as a lot of businesses lease company cars for 3 to 5 years.


  • #3
    deadl0ck
    Registered Users, Registered Users 2 Posts: 4,196 ✭✭✭deadl0ck


    The lease is fully paid up, and the Jeep has been transferred to my company.

    I'm taking the Jeep as redundancy from the company, as I'm winding-up the company.

    At tihis point, I will own the commercial jeep as a private person (not a company).

    I was already with 1 deler, and he wanted to know if I had a VAT receipt - so I do think it makes a difference to the dealer.


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