Selling privately owned van

tbayers

Quick question and apologies if it sounds stupid but just need to check. Bought a van new a few years ago privately (ie haven't claimed back the VAT). Don't really need the use of it anymore and want to go back to a car.

When selling, do I list it as VAT exclusive or inclusive? Its taxed/insured privately. Don't think thats relevant anyway?

Irishphotodesk

tbayers wrote: »

Quick question and apologies if it sounds stupid but just need to check. Bought a van new a few years ago privately (ie haven't claimed back the VAT). Don't really need the use of it anymore and want to go back to a car.

When selling, do I list it as VAT exclusive or inclusive? Its taxed/insured privately. Don't think thats relevant anyway?

I may be wrong here but ...

If it's simply a private vehicle for sale (not a registered work vehicle on your books) then sell simply as a private vehicle.

If it is registered on your books, and not completely written off via depreciation, you will have to log the sale as the sale of a fixed asset, and the money should be dedicated to the business. (In theory)

I'm guessing that the first paragraph is the simplest and safest option, but might be best to check with your accountant.

tbayers

Irishphotodesk wrote: »

I may be wrong here but ...

If it's simply a private vehicle for sale (not a registered work vehicle on your books) then sell simply as a private vehicle.

If it is registered on your books, and not completely written off via depreciation, you will have to log the sale as the sale of a fixed asset, and the money should be dedicated to the business. (In theory)

I'm guessing that the first paragraph is the simplest and safest option, but might be best to check with your accountant.

Pure private, hasn't been used or registered against any other business. So just sell it as I would sell a car pretty much?

Pkiernan

tbayers wrote: »

Pure private, hasn't been used or registered against any other business. So just sell it as I would sell a car pretty much?

Yes.

The issue you may have is that if you are unable to provide a VAT invoice, a VAT registered business is less likely to buy it.

ml100

tbayers wrote: »

Quick question and apologies if it sounds stupid but just need to check. Bought a van new a few years ago privately (ie haven't claimed back the VAT). Don't really need the use of it anymore and want to go back to a car.

When selling, do I list it as VAT exclusive or inclusive? Its taxed/insured privately. Don't think thats relevant anyway?

As you didn't claim the vat back whoever buys it won't be able to claim the vat back either, regardless of whether or not they are registered for vat, so it will probably be better value to someone who isn't registered for vat.

Polo_Cluvie

What kind of a van is it?