- Location
- Wiltshire
Thank you @Boysground
I thought I would have to declare it somewhere, as it can't just turn up in the books as part of the deal, where im buying the new trailer from are too "straight" for any dodgy stuff !Recently sold a combine that was bought with Cash from a neighbour who had retired and selling up many years ago, was told to charge VAT on the sale by accountant.
This is different though, trailer is owned personally, not by the VAT registered business, so should be sold separately with no VAT. You couldn't even part-ex it as part of the deal without firstly declaring it as capital gains in your business books.
If you are vat registered and whether or not you paid vat on a purchase when you are selling it and lodge a cheque or bank transfer you have to charge vatYes. Went through similar a few years ago on a trailer I'd bought from ebay and then sold on later.