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VAT Query

allmyquestions · 2020-10-13 11:28:25

I operate a small business (ltd company) that deregistered for VAT in January. At that time I declared a company vehicle as an asset held & that it would be held by the company until end of life and did not have to pay VAT back (previously claimed) on it at that time. In these covid times, I have now decided to cease…

13-10-2020 11:28am

#1
allmyquestions

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Join Date: October 2020

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I operate a small business (ltd company) that deregistered for VAT in January. At that time I declared a company vehicle as an asset held & that it would be held by the company until end of life and did not have to pay VAT back (previously claimed) on it at that time. In these covid times, I have now decided to cease trading and will be selling the company vehicle. My question is, will I have to pay VAT on the sale of the vehicle? and if so how will I pay the VAT to revenue as the company is not registered for VAT currently and the RTD has already been completed for 2020?

Tagged:

accounting advice

vat exemption

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