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vat for the motor car trade

  • 09-01-2010 6:20pm
    #1
    becks4bucks
    Closed Accounts Posts: 38 ✭


    can anyone help me please - i need to know the accounting procedures for dealing with vat on 2nd hand cars in the motor trade ie how do i deal with cars that are purchased and then sold on , if there are parts added to the car - how do i deal with this etc. thanking anyone who may help in advance


Comments

  • #2
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    Most of the details you require are here
    http://www.revenue.ie/en/tax/vat/leaflets/vat-and-vrt-on-motor-vehicles.html#section1.2

    Just check there wasnt any changes made in budget 2010 as I notice revenue havent bothered to update the VAT rate in the guide.

    www.domybooks.ie


  • #3
    mickbyrne
    Closed Accounts Posts: 164 ✭✭mickbyrne


    From 01 Jan 2010 the treatment of VAT on second hand cars have changed to a margin scheme for second hand cars purchased by dealers from 01/01/10. Transitional measures apply for cars purchased in 2009.

    The old scheme was where you had a VAT clawback on second cars sold at a loss.

    VAT on car sales is a complex area and not one that can be fully addressed in a forum. You should speak to your accountant about this. If you are a member of SIMI, they have detailed information about this in there members area of the website.

    Regards,
    Michael


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