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LeighG

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Posts posted by LeighG

  1. There are no VAT implications when a private individual sells or part exchanges a car. Used cars come under the second hand goods scheme for VAT purposes which means when the dealer sells the car on they only pay over the VAT on the profit they have made on the sale. A simple example would be a dealer takes a car at a cost of £20,000 no VAT is paid over to HMRC say they then sell it for £21,200 the VAT the dealer gives to HMRC on the sale is £200.

    Gross profit is £1200

    Net profit is £1000

    VAT is £200

    I am an accountant and have had extensive dealings with clients in the motor trade for over 20 years hope this clears it up.

  2. Got sick if transporting my mountain bike in the back of my mini wheels off seat off and front seat pushed fully forward so i could get it in

    I got thule roof bars and bike carriers so I could carry more than one bike

    When I only need to transport one bike I will chuck it in the boot

    I will be using them for my vrs estate when I get it in March just need to buy a new foot pack for about £70

    Looked into a tow bar and rack but the extra cost was to high for me

    Sent from my LG-D802 using Tapatalk

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