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Old 02 July 2013, 10:35   #1
Country: UK - England
Town: Dorset & Hants
Boat name: Streaker/Orange
Make: Avon/Ribcraft
Length: 4m +
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VAT question on buying 'stuff'

A VAT question Ö

Iím looking to buy a Jetski that was sold from new to a VAT registered company - (so essentially they didnít pay any VAT) , say it cost £9k new in 2009 - I buy it for say 4k - who pays the VAT and on what ?

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Old 02 July 2013, 10:55   #2
Country: UK - England
Town: Mighty Penryn
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They paid VAT on the ski and then reclaimed it on their next VAT return. This leaves the item 'Not VAT paid'. VAT will be payable on the sale price.

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Old 02 July 2013, 11:02   #3
Country: UK - Scotland
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the vat should be paid by the company as its part of their sales,if you negotiate a price its a vat inclusive price just the same as buying any large item.

there is vat included in almost everything you buy but its usually not shown to save complicating things you just pay a vat inclusive price

if your worried ask them to state on the invoice that it is vat inclusive & just make sure there is a vat no on the invoice
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Old 02 July 2013, 11:05   #4
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As Mollers says - they will have to account for VAT and will pass the VAT on to HMRC when it is sold but you will pay it effectively.

If they paid £9000 net then VAT on top was £1800.

Or if it was £9000 gross then the VAT element was £1500.

If they sell it to you for £4000 retail then the VAT element of this will be £667.

If it's £4000 net you need to add £800.

This is all at current rates (20%).
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Old 02 July 2013, 11:06   #5
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Country: UK - England
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Agree company can do it two ways- sell at a price inc VAT or sell at a price plus VAT. If you are not VAT registered you need inc VAT as a sales price that way the company have to settle the VAT on their returns.
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Old 02 July 2013, 12:05   #6
Country: UK - England
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So long as the invoice is from said company then the above applies.

The company could have sold the item to one of their staff or directors for a tenner who then sells it to you, private sale, no vat.

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