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Do I charge selling my commercial Jeep

  • 01-10-2017 12:23pm
    #1
    bluferbl
    Registered Users, Registered Users 2 Posts: 171 ✭✭


    Hello,

    I'm a sole trader and registered for VAT. I bought a commercial jeep in 2010 for about €15k inc VAT - I claimed the VAT back on it at the time. I'm going to sell it now, do I need to sell it including VAT? And if I do, do I need to add the sale into my records and record the VAT that way?

    Thanks in advance!


Comments

  • #2
    thegolfer
    Registered Users, Registered Users 2 Posts: 346 ✭✭thegolfer


    bluferbl wrote: »
    Hello,

    I'm a sole trader and registered for VAT. I bought a commercial jeep in 2010 for about €15k inc VAT - I claimed the VAT back on it at the time. I'm going to sell it now, do I need to sell it including VAT? And if I do, do I need to add the sale into my records and record the VAT that way?

    Thanks in advance!

    Yes you charge VAT on the sale in the normal manner.

    As for recording, it will not make up part of regular sales, but a disposal of fixed asset on the balance sheet.

    Ultimately what is recorded in the profit and loss is a gain or loss on disposal, relative to depreciation.

    From a tax point, capital allowances have been claimed, and there may be a balancing charge or allowance, however your accountant will most likely deal with this.


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