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Farm Machinery
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Vat help on a machine
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<blockquote data-quote="farmerdan7618" data-source="post: 8032642" data-attributes="member: 49428"><p>Thank you [USER=610]@Boysground[/USER] </p><p></p><p>There is a choice on whether VAT is charged. The default position is to charge VAT, the option is whether to use a VAT margin scheme provided you meet the conditions.</p><p></p><p>Unless you are a dealer, it is borderline on meeting the conditions for selling second hand goods, as the trailer was bought for use rather than sale.</p><p></p><p>If it's going back as a trade in, just make your life simpler and charge VAT, the rules for the margin scheme are horrendous and you'll probably fall foul of them somewhere. They are here for reference (notice withdrawn, but the rules are still there).</p><p>[URL unfurl="true"]https://www.gov.uk/guidance/the-margin-and-global-accounting-scheme-vat-notice-718#para2-9[/URL]</p></blockquote><p></p>
[QUOTE="farmerdan7618, post: 8032642, member: 49428"] Thank you [USER=610]@Boysground[/USER] There is a choice on whether VAT is charged. The default position is to charge VAT, the option is whether to use a VAT margin scheme provided you meet the conditions. Unless you are a dealer, it is borderline on meeting the conditions for selling second hand goods, as the trailer was bought for use rather than sale. If it's going back as a trade in, just make your life simpler and charge VAT, the rules for the margin scheme are horrendous and you'll probably fall foul of them somewhere. They are here for reference (notice withdrawn, but the rules are still there). [URL unfurl="true"]https://www.gov.uk/guidance/the-margin-and-global-accounting-scheme-vat-notice-718#para2-9[/URL] [/QUOTE]
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Vat help on a machine
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