[muscle750]

I am maybe this week doing a deal trading some stuff in against a new item, plus i am having to put some extra towards it Do i have to pay vat on the full amount or only on the difference. I would hasten to add the items in question are in no way related to photography.
Basically ive been offered £1500 for mine against the cost of £2k for a new one.

[sejanus]

OK, here's the simple version: When you buy anything that's VAT rated, you have to pay VAT on the full price, end of story.

More complicated version: If you're VAT registered, you have to charge VAT on all rateable goods and services you supply but you get to reclaim VAT on all BUSINESS RELATED goods and services you purchase. Sorry for shouting there, but Revenue officers have immense powers and a limited sense of humour. You **** them off entirely at your own risk.

If it's a business deal, and you're VAT rated, you therefor charge VAT on the trade-in, which REDUCES the amount you claim back on the purchase, the theory being that you'll already have received a VAT discount or repayment on the item you're trading in.

I worked for Custom and Excise for a while in the dim and distant. Take my advice that you DO NOT want to play games with them....

[muscle750]

Basically im buying the item from a business which is vat reg, and im not,

[silkstone]

Then as sejanus says, you have to pay full VAT on what you're buying. You don't have to add 17.5% to what you're selling.

[muscle750]

Done the deal today only charged me VAT on the outstanding balance of £499

[Dave]

Another satisfied D3 owner ?

[sejanus]

Doesn't sound right. Their output tax is £2000 x 1.175.

Well, the good news is, if they're in the wrong, it's them who'll have to pay the extra!

[Dabhand16]

Originally Posted by muscle750

I would hasten to add the items in question are in no way related to photography.

Not if you believe this

[muscle750]

No Dave sorry ur way off as stated nothin at all to do with photography although will be taking pics of said item at weekend its number 329 of only 350 built and its blue has 4 wheels and chrome handles........anyone wanna take a guess?
And yes i did look at another BMW 540 last night but it aint that.......yet

[Dave]

Daimler double six coupe - 1978

[Dabhand16]

Does the word 'Alpina' feature in the model name?

[brian wright22]

AAAhh Mr Muscle

SUBARU IMPREZA
Regards Brian

[muscle750]

Actually u aint far off on that last comment but not quite I did today
however find some "Extras" within said item which are £200 plus. Which rather made a bad day seem ok.
Alpina ...i wish yet did get the induction kit for the 540, Already been chipped and different exhaust to "Open things up" a tage Just wish i could sling the auto box and have a manual still kicking down into 2nd at 70 tends to liven things up somewhat watching the fuel gauge move faster than the speedo:

[muscle750]

Originally Posted by Dave

Daimler double six coupe - 1978

What a shed they were, Big v12 The old XJS the bonnet pad used to drop and jam the throttle wide open thank god most of them are in the skip.
Benrley turbo the only car ive had the misfortune to work on where you could turn the steering wheel half a turn before it did anything to the front wheels at all. There are a few nice ones about but most are just a heap of junk. Put the dam thing in gear and the gearbox joins in in the next 3 days!