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VAT on commercial vehicle

  • 08-05-2019 8:48pm
    #1
    linola_c
    Registered Users Posts: 198 ✭✭


    Hi guys

    I am wondering if someone knows the answer to this.

    My husband is looking at buying a van. He is a sole trader and the vehicle would be for business purposes. I understand that he will be able to reclaim the vat on the van in his vat return.

    If he say, decides to deregister the VAT number (say if he starts working as an employee at some stage), will he have to pay all the VAT he claimed back again?

    Similarly if he sells the van in a year or so, will he have to repay the VAT back again?

    Thanks
    Linola


Comments

  • #2
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    If he deregistered then as part of the deregistration process Revenue ask what became of business assets. Were they sold, kept etc. If any business assets are taken to personal use, e.g if he kept the van for personal use, then he'd owe VAT on the value at that time.

    If he sells the vehicle then VAT would be owed on the sale price at that time.

    Ultimately he'd be allowed such VAT as reflects value consumed during business use.


  • #3
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,558 ✭✭✭✭Calahonda52


    linola_c wrote: »
    Hi guys

    I am wondering if someone knows the answer to this.

    My husband is looking at buying a van. He is a sole trader and the vehicle would be for business purposes. I understand that he will be able to reclaim the vat on the van in his vat return.

    If he say, decides to deregister the VAT number (say if he starts working as an employee at some stage), will he have to pay all the VAT he claimed back again?

    Similarly if he sells the van in a year or so, will he have to repay the VAT back again?

    Thanks
    Linola

    While off the topic, would an EV work?

    “I can’t pay my staff or mortgage with instagram likes”.



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