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sole trader - replacing private car

  • 16-01-2016 11:58am
    #1
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭


    Ive been claiming my private car against self employed taxes for a number of years. I claim a small percentage for business use.
    Now I wish to sell my car. I realise that the sale price needs to be declared and a balancing charge or rebate applied.
    My queries - is there any issue with selling my car privately or indeed buying privately with regard to invoicing required?
    likewise could I import and use the uk sales invoice and vrt charge as the capital coast of next car?


Comments

  • #2
    adrianw
    Registered Users, Registered Users 2 Posts: 236 ✭✭adrianw


    mickdw wrote: »
    Ive been claiming my private car against self employed taxes for a number of years. I claim a small percentage for business use.
    Now I wish to sell my car. I realise that the sale price needs to be declared and a balancing charge or rebate applied.
    My queries - is there any issue with selling my car privately or indeed buying privately with regard to invoicing required?
    likewise could I import and use the uk sales invoice and vrt charge as the capital coast of next car?

    I assume you are self-employed as a sole trader?

    Revenue do allow a portion of business related costs to be claimed on an incurred basis.

    Not 100% sure what you mean by using the UK sales invoice and VRT as part of the capital cost.

    What percentage of use is business related? How many KMs per year do you put up and how many are business related?


  • #3
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    adrianw wrote: »
    I assume you are self-employed as a sole trader?

    Revenue do allow a portion of business related costs to be claimed on an incurred basis.

    Not 100% sure what you mean by using the UK sales invoice and VRT as part of the capital cost.

    What percentage of use is business related? How many KMs per year do you put up and how many are business related?
    Yep sole trader. Have been claiming 30 percent business use on my current car for the last few years - calculated based on business versus private mileage.
    The current car cost far more then allowable limit of 24k when I bought it.
    3k per year for 8 years is allowable. I've been claiming 30 percent of this against the car cost.
    Now its time to change as no further claim left in this car but the may be a balancing charge payable as the car is still worth a fair whack of cash.
    My query is basically based on traceability of payments. Can I sell privately? - I ask as I'm imagining people being less than truthful re sales price achieved.
    Similarly, can I buy next car privately - if so, how is the car realistically valued for claim?
    I imagine if I buy at dealer all is straight forward with invoice figures used.


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